RBZ spot-on in banning “parasitic” cash-in cash-out barons
By Bevan Musoko
The move by the Reserve Bank of Zimbabwe to ban all cash-in, cash-out and cash back transactions on the national payments platforms is a welcome move as the system was being abused by notorious cash barons to fleece ordinary people of their hard-earned money. It is probable that these cash barons were working in cahoots with some corrupt bank employees who would give them cash for resell at the astronomically high premiums, instead of dispensing it to bank clients. It boggles the mind how these cash barons would access huge sums of cash yet banks claimed that they did not have cash to dispense to their clients. Something was amiss.