The Money Interest financial Instrument is unfortunately nothing to be excited about
Not that we’re being ungrateful , but…….
After announcing a Financial Task Force this week, it seems Minister of Finance Mthuli Ncube had one more trick up his sleeve before the week ended as yesterday he announced that he was working on a new Financial Instrument that would mean users of mobile money platforms like Ecocash would gain interest for keeping money in their mobile wallets. It’s a welcome move as with our current economic situation, most Zimbabweans are used to hearing that they’re losing money not gaining it in any way, but unfortunately, it’s likely not anything for most Zimbabweans to get excited about either , as again, the current monetary situation gets in the way.
Allow us to take a look at the proposed interest rates:
Users will get a rate of about 0.02%/day
Keeping money in the wallet for more than 6 months you’ll get 90% of your money back.