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MultiChoice Zimbabwe Receives Approval To Accept Forex Payments

MultiChoice has confirmed that it will now be excluded from Zimbabwe's new restrictions on payments and foreign currencies after the country's central bank allowed the pay-TV network's Zimbabwe operation to collect subscriptions in foreign currency.

Banks in Zimbabwe had placed restrictions on payment methods for DStv, with Stanbic Bank telling its clients in September last year that it would no longer facilitate DStv payments due to Zimbabwe's declining economic situation.

On Wednesday, a Finance Consultant from one of the local banks said that the banks would now be processing DStv payments again but anticipated productivity to be low because of continuous power cuts.

MultiChoice Zimbabwe sent out a text to its subscribers saying that payments could still be made through the banks in US dollars.

Other Zimbabweans are opting to get their relatives in South Africa to pay for the service through Shoprite and Checkers outlets.

The decision to allow forex payments for DStv comes after a meeting that was held in June between Zimbabwe's finance institutions and the central bank, which had failed to come up with a strategy to handle payments for the pay-TV service.

In 2016, Zimbabweans proved to be big spenders on DStv, spending as much as US$45m on subscriptions in the second half of the year, according to a statement released by the Reserve Bank of Zimbabwe monetary policy in February 2017.
 

Credit: This article originated from www.fin24.com





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