ZIMBABWE’S national electronic payments platform, Zimswitch, has increased by 300 percent from $25 000 to $100 000 the ammount an individual can send in a single transaction.

The monthly limit is now $400,000 effective this month.

Zimswitch deputy chief executive Zabron Chilakalaka said there was a need for an upward review of the transaction limit in line with customer demands.

“The previous limit was a bit low, the transacting public and banks were appealing for a higher limit.

“We are not coming from the perspective of inflation but we want to ease business transactions, as the platform continues to increase its activities.

“This will enable the public to transact for a higher value which brings immediate convenience to the transacting public so there is now flexibility in terms of the limit,” he said.

With transaction limits raised, Chilakalaka added that they have put in measures to ensure the platform is not abused by scrupulous individuals.

“The increase in the limit, we always adopt a risk based approach to ensure that the platform is not abused so we certainly reviewed the limits in consultation and liaison with the Reserve Bank of Zimbabwe who approved the new limit of $100 000 per transaction.

“We do daily monitoring of transactions within the confines of anti-laundering and also a monthly cap of $400 000 ensures there is a ceiling on the upper limit on what one person can demand,” he further said. –Daily News