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Banks urge consumers to go digital

By , ITWeb’s Zambian correspondent.
Africa , 24 Mar 2020

In the wake of COVID-19 outbreak, the National Bank of Rwanda has announced that mobile money transactions will be free to users for the next three months.

Banks are pushing digital transactions to minimise physical contact with cash as Coronavirus cases increase in Africa.
Banks are pushing digital transactions to minimise physical contact with cash as Coronavirus cases increase in Africa.

This as the government moves to encourage digital payments to reduce chances of transmitting the virus through cash.

The Bank said inter-service accounts and mobile money wallets will also be free, meaning that users can move money from their bank accounts to their mobile money accounts to pay for goods and services without needing to physically handle the cash.

It has also adjusted mobile money transfer limits from a minimum Rwf 500,000 to Rwf 1,500,000.

National Bank of Rwanda governor John Rwangomba said, “Citizens should take advantage of the removal of all charges on electronic money transactions and use digital payment means for all their transactions.”

Zambia lock-down

Zambia’s Central Bank has announced that mobile money users will not be charged for any transaction valued at K150 (US$10) or less.

As a lock-down on many services looms, the Bank said transactions and balance limits on agents and corporate wallets have also been removed.

Spokesperson Besnart Mwanza issued a statement that daily transactions limit for individuals has been adjusted from the current K10,000 to K20,000, while that of small-scale farmers and enterprises have been adjusted from the current K250,000 to K1,000,000.

“The Bank of Zambia in consultation with commercial banks and payments service providers wish to announce a set of measures aimed at reducing cash transactions and facilitating increased use of mobile money transactions. The objective is to reduce the risk of transmission of COVID-19 through the handling of cash.”

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