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Wireless

Zimbabwean mobile money providers must pay customers daily interest linked to treasury bill yields

Friday 20 March 2020 | 09:35 CET | News
The Zimbabwean government has directed mobile money operators EcoCash, OneMoney and Telecash to pay interest on daily balances held by their customers at a rate equivalent to 50 percent of the prevailing yield on Treasury Bills, which these days is between 13 percent and 15 percent a year or around 0.02 percent a day, Chronicle reported. The new rules were gazetted by Finance and Economic Development Minister Mthuli Ncube using his powers under the Banking Act.

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Categories: Mobile & Wireless
Companies: Econet / NetOne / Telecel
Countries: Zimbabwe
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