Govt increases online payment limits

HARARE - Zimbabwe has increased the limit of the amount of money consumers can use in online payment platforms amid an explosion of online and mobile payment transactions.

“In line with the goal to encourage the use of electronic means of payments, the limits have been broadened to facilitate payments by the transacting public and business whilst taking cognisance of the anti-money laundering requirements which are key in any financial system,” acting Finance minister Joseph Made told the Senate.

Bank to wallet transactions are not limited, he said.

“Banked individual customers transact up to $10 000 per month on their wallet with a daily limit of up to $5 000.  Non-banked individual customers can transact up to $3 000 with a daily limit of $1 000. Merchants, farmers and SMEs can also transact on mobile wallets up to $50 000 per month depending on their category.”

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