RBZ names big time money changers

by | Sep 28, 2021 | Business | 0 comments


-Accounts frozen with immediate effect


Pretty Manyewe


The Reserve Bank of Zimbabwe (RBZ) has released names of individuals using their mobile phone lines to fuel the foreign currency black market.


In a statement, Reserve Bank of Zimbabwe Governor Dr John Mangudya, said they are intensifying efforts to bring sanity in the country’s banking.

“The Financial Intelligence Unit (FIU) has indentified individuals listed here under who are abusing mobile telecommunications services and other social media platforms to promote and facilitate illegal foreign exchange transactions and money laundering activities,” Dr Mangundya said.

The 30 accounts, said to be the first of many have been immediately frozen.

“The FIU has instructed banks, mobile money operators and other financial service providers to identify and freeze accounts operated by these individuals and further to bar them from accessing financial services for a period of two years with immediate effect,” said Dr Mangudya.

The Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) has also been directed to bar the mentioned individuals from operating mobile phone lines.


“The FIU will collaborate with law enforcement agencies in monitoring various social media and bank accounts so as to identify and take action against perpetrators of illegal dealings. Over and above the corrective measures of barring the delinquent individuals from accessing banking and financial services and operating mobile phone lines, the FIU has forwarded their names and particulars to law authorities for prosecution,” said Dr Mangundya.

There has been unusual activity in the money market, which has promoted authorities to act.

Several companies are in court over deploying street money changers with their RTGS balances to syphon the US dollar, against the country’s laws.