Econet limits MasterCard international transactions

25 August 2017

Money Transfer

Zimbabwe operator Econet’s mobile money transfer service EcoCash says it will be implementing international limit restrictions on its MasterCard debit card due to foreign currency challenges being experienced in the country. EcoCash said with effect from 16 August, the online payments service on its platform would be discontinued. It said effective 01 September, the MasterCard limits for international transactions would be reduced to USD 100 per month, Point of Sale would be USD 75 per month and ATM withdrawal would be USD 25 per month. 

Econet said the situation was beyond its control and advised its customers that the position would be under constant review in line with the prevailing market conditions. In July, EcoCash cut its tariffs on all merchant payments by up to 50 percent to further ease transacting using the mobile money transfer platform.

Source: Telecom Paper