The Reserve Bank of Zimbabwe (RBZ) has increased transactional limits for mobile money and electronic fund transfers to keep pace with the official exchange rate.
This adjustment is designed to encourage the use of the Zimbabwe Gold (ZWG) currency, as authorities aim to stabilize the exchange rate and promote the local currency’s broader adoption.
For mobile money transactions, the person-to-person limit has doubled, rising from ZWG2,400 to ZWG4,800, with the monthly cap increasing from ZWG8,000 to ZWG16,000. For person-to-business transactions, the new limit is also set at ZWG4,800, up from ZWG2,400, while the monthly limit has been raised to ZWG16,000. ZIPIT mobile money transfers now have a transactional limit of ZWG4,800 and a monthly limit of ZWG16,000.
The RBZ has also increased electronic funds transfer limits for trade payments between businesses. The batch limit now stands at ZWG560,000, up from ZWG280,000, while the transaction limit has doubled to ZWG48,000 from ZWG24,000. For business-to-person transfers, the batch limit has been raised to ZWG160,000, with a transaction limit now set at ZWG16,000.
These changes by the RBZ are intended to stimulate the use of Zimbabwe Gold, supporting the government’s efforts to stabilize the exchange rate and further integrate the local currency into daily transactions.
