NCUBE CLOSES ILLEGAL FOREX TAP ON MOBILE MONEY

THE transfer of funds from mobile money transfer agents to
recipients will now be subjected to taxation as Treasury moves to plug out
rampant illegal foreign currency deals being conducted via the cash-in and
cash-out facility.

Although Government…

THE transfer of funds from mobile money transfer agents to recipients will now be subjected to taxation as Treasury moves to plug out rampant illegal foreign currency deals being conducted via the cash-in and cash-out facility. Although Government has established the interbank foreign currency market to stabilise the financial services sector, illegal foreign currency deals remain stubborn