Zim's EcoCash tightens transaction limit as forex crisis deepens

2017-08-15 15:16 - Malcom Sharara
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Harare - Zimbabwe’s cash crisis seems to be worsening every day, with Econet subsidiaries EcoCash and Steward Bank putting further restrictions on the foreign currency its customers can access for US dollar payments.

Barely a month after mobile payment platform EcoCash announced a reduction of its monthly transaction limit for its EcoCash debit card, it has announced a further cutback.

On August 8 EcoCash said debit card holders can now only transact for up to $300 per month; this has been reduced further, with customers now only able to transact up to $100 per month.

“Due to prevailing foreign currency challenges, EcoCash will be implementing international limit restrictions on its Mastercard debit card.

“As a result, with effect from August 16 2017, the online payment service on EcoCash will be discontinued,” said EcoCash in a notice on Tuesday morning.

“Further, as of September 1 2017, the Mastercard limits for international transactions will be reduced to $100 per month, split between $75 for point of sale transactions and $25 ATM withdrawal,” said EcoCash.

This becomes EcoCash's fifth reduction of transactions since October 2016.

Meanwhile, its sister company Steward Bank has also joined the bandwagon, putting limits on its Mastercard debit card.

With effect from August 16 2017, Steward Bank Mastercard debit card holders will only be able to access value on the debit card against pre-funding in foreign currency and cash in bond notes, up to the monthly limit of $10 000.

“Customers can load value on their cards in any of their branches,” said Steward Bank.

“We assure all our valued customers that this position will be under constant review in accordance with prevailing market conditions.”

Read more about: ecobank  |  zimbabwe