Circular NPS/01/2022 - Risk Based Transaction Limits

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