Source: Zim forex shortages worsen – DailyNews Live
Farayi Machamire 14 October 2017
HARARE – Zimbabwe’s months-long foreign currency crisis yesterday forced
Steward Bank to suspend its MasterCard payment solution, with customers
wishing to use the service now required to pre-fund their accounts with
cash.
This comes as Zimbabwe’s leading banks are suspending automatic use of
debit cards outside the country due to increasingly scarce foreign
currency.
In a statement, Steward Bank, a unit of mobile telephony operator Econet
Wireless, said: “Dear valued customer we regret that due to the
prevailing currency challenges, the bank has, with immediate effect
withdrawn limits on the following cards: MasterCard Titanium, MasterCard
Standard Debit, MasterCard Diaspora.
“Customers who still wish to use their cards abroad will be required to
prefund their cards in USD or via Diaspora remittances (for Diaspora
accounts) up to the $10 000 regulatory monthly limit. We sincerely
apologise for any inconvenience caused by this variation which
unfortunately is beyond our control.”
Only this week, e-wallet payment system, EcoCash, owned by mobile firm
Econet Wireless, suspended international transactions on its MasterCard
debit card, citing scarcity of forex.
Zimbabwe’s biggest banking group CBZ Holdings also said it was suspending
payments for DStv, which has become a major alternative to the menu of
national broadcaster ZBC TV.
The commercial bank advised its customers of the new development through
an SMS.
“Dear Valued Client. We advise that DStv Payment Option will no longer be
available on CBZ Touch from 11.10.17.
“Our apologies for the inconvenience caused,” read the terse message.
The suspension of DStv payments is also in compliance with the Reserve
Bank of Zimbabwe (RBZ) priority list which guides the execution of all
foreign payments for all authorised forex dealers in Zimbabwe.
Elsewhere, EcoCash advised it had suspended international transactions on
its MasterCard debit card.
In a message to its clients this week, it said the development had been
necessitated by the prevailing foreign currency challenges.
“We regret to advise that with immediate effect, EcoCash will be
suspending international transactions on the debit card.
“However, with effect from 1 November 2017, we are happy to advise that
you will be able transact with the debit card outside Zimbabwe upon
prefunding your card at your nearest Econet shop.
“The card remains in use within Zimbabwe as all local limits remain
unchanged.
`We apologise for any inconveniences caused, which unfortunately are
beyond our control,” read the EcoCash message.
COMMENTS