Ecocash, the largest mobile phone-based money transfer, financing and microfinancing service in Zimbabwe has reviewed up individual spending limits to ZWL$35 000.
The service provider announced the development in an SMS sent to its subscribers this Thursday. Reads the message:
Good News. EcoCash individual spending limit is now ZW$35,000 per week. You can use up this limit in 1 or more days. The limit per each transaction is ZW$5,000.
Subscribers have been complaining over the limits which they said were not in resonance with the economic developments in the country.
They cited the soaring inflation in the country as one of the factors that should have informed the review of spending limits.
The local currency has also since last year been losing value against the United States dollar making the spending limits unreasonable.