Zimbabwe’s ban on mobile money adds to suffering of its citizens
The Reserve Bank of Zimbabwe, which has also closed the stock exchange over forex concerns, has hit people already losing livelihood options during the Covid-19 lockdown hard
The Zimbabwean government has, for a prolonged period, been engaged in a losing battle to stem illegal foreign exchange market activities. As has been the fashion, the regime has blamed runaway inflation and spiraling price increases on nefarious activities by “market saboteurs”.
Among these innumerable efforts, in the first week of June, the Reserve Bank of Zimbabwe (RBZ) threatened to embark on an unusual exercise. It sought to pursue illegal foreign currency dealers via the surveillance of WhatsApp groups through its financial intelligence unit, in collaboration with the police, banks, mobile-money service providers and relevant regulatory agencies. It threatened to bar and freeze suspects’ mobile numbers and accounts. This proved impossible...