EcoCash transaction limits have been lowered to ZWL $5,000 a day. This is as a result of a regulatory directive from the Reserve Bank of Zimbabwe (RBZ).
The RBZ has been working to curb black market money changing. EcoCash has therefore been a target because most black market transactions were happening on the platform. There literally was an EcoCash rate.
The new EcoCash limit of $5,000 is currently equivalent to about US $47 on the black market, or R800 in the South African currency.
However, if we are to base it on the official rate of 83, the $5k is equivalent to US $60 and about R1,000.
Based on current prices, here’s a basket of groceries that $5,000 can buy in Zimbabwe.
New EcoCash Limits Full Conditions
Dear Valued Customers Please be advised that we have received a directive from the Reserve Bank of Zimbabwe to the following effect:
- Transactions by all individuals shall be pegged at a maximum of ZW$5,000 (five thousand Zimbabwe dollars) per day with immediate effect. This threshold relates to all transactions by the individual, including:
- Payments to merchants for goods and services and payments for utility bills
- Send Money and purchase of airtime and data
- EcoCash Debit Card
- Wallet to bank transfers
- With immediate effect, no individual shall be allowed to operate more than one EcoCash line.
- Merchants and Billers will continue to accept EcoCash Payments from customers.
- Merchants and Billers are required to liquidate funds in their wallets to their Bank accounts only.
- Agents’ mobile money wallets are to be abolished with immediate effect
- Funds in frozen Agent lines will only be liquidated into the Agent’s Bank Account. The liquidation will require RBZ approval on a case by case basis
- Bulk Payers
- The Reserve Bank of Zimbabwe shall only approve the use of Bulk Payer lines for purposes of:
- Disbursing low-value payments, such as disbursements for humanitarian aid
- Payments related to agricultural activities
- Funds in frozen Bulk Payer lines can only be liquidated into the Bulk Payer’s Bank Account upon approval by the Reserve Bank of Zimbabwe for each Bulk Payer
We would like to reassure all our valued customers that EcoCash is committed to offering mobile money services that make a difference in people’s lives.
We would also like to take this opportunity to thank you for your valued and continued support.
How much internet bundles can $5,000 buy?
Given the new limits customers of Econet, NetOne and Telecel can still buy airtime and convert to bundles using EcoCash in a single day. Unless ofcourse they are going for the bigger monthly WiFi bundles.
For example, the NetOne One-Fi Extreme costs ZWL $6,000.
How much groceries can ZWL $5,000 buy in Zimbabwe today
|Item||Price (25 Aug 2020)|
|1 Loaf Bread||$70|
|2 Litred Cooking oil bottle||$280|
|1kg Pork Meat||$580|
|1 Head Cabbage||$30|
|1 Litre Milk||$80|
|2 Litres Orange Crush||$210|
|1 Pack teabags||$290|
|1 Crate Eggs||$300|
|1 Pack of tissue paper||$550|
|1 Green Bar soap||$105|
|1 Tablet bath soap||$1|
|750ml Dish-washing liquid||$190|
|Booming Washing Paste||$53|
In conclusion, these EcoCash limits will result in some significant restrictions to how much people can buy using the mobile money platform. It ofcourse also affects NetOne OneMoney and TeleCash. The two networks are yet to announces if they have effected any changes to transaction limits.
Quick NetOne, Telecel, Africom, And Econet Airtime Recharge
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