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2022-01-01

Circular NPS/01/2022 - Risk Based Transaction Limits

The Reserve Bank of Zimbabwe has increased mobile banking transaction limits to promote local currency usage and enhance electronic payment convenience. Person-to-business limits now stand at ZW$25,000 per transaction with a ZW$100,000 weekly cap, while person-to-person limits are raised to ZW$10,000 per transaction with a ZW$70,000 weekly cap, alongside a ZW$5,000 weekly cash withdrawal limit. Mobile money service providers and banks must apply these risk-based limits flexibly across days while maintaining full compliance with anti-money laundering and counter-terrorist financing transaction monitoring and reporting obligations.

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NPSD Circular 1\2022 - 10 February 2022 FINANCIAL MARKETS DIVISION - NATIONAL PAYMENT SYSTEMS CIRCULAR TO FINANCIAL SERVICES PROVIDERS AND BANKS ON RISK BASED TRANSACTION LIMITS

  1. The market has registered a sustained increase in the usage of electronic payments which certainly has brought the much-needed convenience to the transacting public.

  2. In this regard, mobile banking transactional limits have been increased to promote the use of the local currency in line with the Governor's February 2022 Monetary Policy Statement as follows: 2.1.1 Person to business transactions from ZW$20,000.00 to ZW$25,000.00 per transaction with a maximum limit of ZW$100,000.00 per week; and 2.1.2 Person to person from ZW$5,000.00 to ZW$10,000.00 per transaction with a limit of ZW$70,000.00 per week. 2.1.3 Cash withdrawal limit for the banking public has been increased from ZW$2,000.00 to ZW$5,000.00 per week for all customers.

  3. Mobile money service providers and banks are advised that person to business transactions include interbank ZIPIT transactions, merchant payments and utility bill payments.

  4. An individual may opt to utilize his / her weekly limit in one or more days, but ultimately being governed by the maximum limits of ZW$100,000.00 per week for P2B and ZW$70,000.00 per week for P2P respectively.

  5. All mobile money service providers and banks are required to comply with all AML/CFT requirements, including transaction monitoring and reporting of suspicious transactions. Please be guided accordingly. Acting Deputy Director, Financial Markets Division - National Payment Systems Reserve Bank of Zimbabwe

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