Econet slashes EcoCash Debit Card Limits for International Transactions

Econet slashes EcoCash Debit Card Limits for International Transactions

Zimbabwe’s biggest mobile money service EcoCash has with immediate effect slashed international transaction limits. Online payments have been slashed by 75%, a move that will definitely strain a lot of locals with regards to making online payments. Combined, the monthly transaction limit for international transactions was US$ 400, this has since been reviewed down to US$ 300. Local transaction limits remain unchanged.

The new EcoCash Debit card limits were announced this morning on their Facebook and Twitter platforms

Here is a breakdown of the previous and current transaction limits for the EcoCash Debit Card:

Previous EcoCash Debit limits

Monthly Transaction Limit $ 400.00
NB: $200 for ATM Withdrawals. $200 for Point of Sale and Online Payments
Local Daily Transaction Limit $ 5,000.00
Local Monthly Transaction Limit $ 10,000.00

New EcoCash Debit card limits

Monthly Transaction Limit $ 300.00
NB: $200 for Point of Sale, $50 for Online Payments, $50 for ATM withdrawals
Local Daily Transaction Limit $ 5,000.00
Local Monthly Transaction Limit $ 10,000.00

The online payments dilemma

Zimbabweans continue to be faced with an ever worsening dilemma of making online payments. Most banks have already stopped making DSTV payments while other VISA and MasterCard payments have to be authorized with the bank prior to making the payment.

The new EcoCash Debit Card limits slash comes hardly a few days after EcoCash slashed the transactions charges tariffs in a bid to make it easier and encourage customers to use the service.

On a personal note

This is a huge blow for me personally as I use the EcoCash VCN for 90% of my online payments (which are all so critical to what I do and the business I’m in). I know for sure that this will affect a whole bunch of other young entrepreneurs making a living online. Alternatives are fast running out and at the current rate one will simply not be able to do any online transactions. Travelling will also be a huge problem as one would have to travel using cash (Forex) which is in very short supply.

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