The Zimbabwean Perspective

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Money

Ministry of Finance is introducing a new Financial Task Force to check daily mobile money transactions

Well….we’ll see…

In a press statement released earlier today, minister of Finance Mthuli Ncube has announced the introduction of a Financial Task force meant to scrutinize daily mobile money and electronic cash transactions to detect foul play wespecially in the form of the forex black market. An excerpt from the official statement can be seen below:
The RBZ is, therefore, currently reviewing all the regulations covering such platforms. In particular, it is intended to:
– Place limits on daily bulk payer transactions.
– Ensure compliance with the 2% IMTT on bulk payers.
Additionally, the daily returns being submitted by the mobile platforms to the Financial Intelligence Unit of the RBZ will be scrutinised very carefully by the Currency Stabilisation Task Force to ensure that all transactions are legitimate and are in accordance with the financial regulations in place.
As can be seen the focus of the new task force is Mobile Money platforms, who apparently Task Force specifically seems to be created for. Now of course on paper this all seems to be a great idea, but one has to wonder how these transactions are actually going to be singled out especially on a day to day basis when considering the amount of data alone that would be being analysed. But we’ll try and not be too skeptical and essentially just leave it at what the sub-title of this article read: We’ll see.

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