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The Reserve Bank of Zimbabwe (RBZ) has lifted a banon mobile money to cash transactions following public outcry. The RBZ had on 30 September issued a directive to mobile payment system providers and merchants that effectively froze cash in and cash out transactions, citing high charges on the services.
Zimbabwe has had a currency crisis since early 2000s due to trade sanctions by the USA and other international partners. Inflation had risen to 300% as of August 2019. With the cash shortages, mobile money use has peaked in the country with local mobile network operator Econet commanding 95% of the market.
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