The Reserve Bank of Zimbabwe – RBZ has with immediate effect suspended the operating licences of Cash Twenty-Four Limited and CrediConnect Private Limited .
Cash-Twenty Four is licenced as a bureau de change while CrediConnect is a credit -only micro-finance institution.
In a statement the RBZ said, it is in possession of information showing that the two institutions have been engagaing in illicit foreign currency transactions, which have been adversely affecting the economy .
The supension of the institutions’ operating licences is with immediate effect , pending further investigations.
If found guilty, Cash Twenty-Four Limited and CrediConnect will be liable to further regulatory action, which could result in the cancellation of their licences and or criminal prosecution.
