Categories: FinanceMobile Money

Ridiculous: EcoCash Manager May Face Arrest For Cash Out Premiums – Minister Mutodi

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Honourable Energy Mutodi, our Deputy Minister of Information has given his two cents regarding EcoCash’s cashout problem and as with most things that come from his Twitter account it’s pretty interesting…

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Ecocash manager may face arrest if her business continues to inconvenience the public by charging exorbitant transaction costs

Deputy Minister of Information Energy Mutodi

This is spectacularly ludicrous especially coming from a government official and its pretty interesting to note that the Deputy Minister believes threatening Natalie Jabangwe is the way to go about solving this problem.

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Before looking at why this is a pretty absurd position to take, it’s also interesting that ZACC (Zimbabwe’s Anti-Corruption Commission) has said that they’ll be investigating the cashout problem which they believe has been “enabled at a systematic level”. Yeah right ZACC, go after EcoCash agents whilst turning a side-eye to the real corruption.

Yes, EcoCash has benefited from the chaos ensuing with their agents charging premiums to cashout (i.e they make more on charges). But the only reason why agents have resorted to selling cash is because cash is in short supply in Zimbabwe and has become a commodity. Where is the crime being committed by the EcoCash manager? As my employer would say, “these are just the basic economics of supply and demand.”

Maybe Mutodi should consider arresting RBZ officials too since they have failed to solve the issue of cash shortages leading to all this anarchy?


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View Comments

  • Ecocash is simply an electronic channel which can be used or abused by anyone riding on it, but certainly it's not the problem behind our cash crisis. The problem is our so called pending Economic reforms that we have failed to implement. The fiscal policy is pretty BAD.

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  • Even cash for ZIPIT is being charged, are u going 2 arrest the RBZ Governor or all bank executives? solve the fundamental issue rather than to waste time chasing SHADOWS. W need real reforms not mere fights on Twitter! Table concrete reforms n parliament than all this nonsense😏

    Cancel reply
  • • Mangudya promised to resign if the bond note was going to move from the 1:1 rate with the US dollar.
    • ED promised to end cash crisis in his first #100days in office
    • Mtuvi Ncube told us that the reintroduction of the Zim dollars was going to easy cash shortages

    Fix that

    Cancel reply
  • • Mangudya promised to resign if the bond note was going to move from the 1:1 rate with the US dollar.
    • ED promised to end cash crisis in his first #100days in office
    • Mtuvi Ncube told us that the reintroduction of the Zim dollars was going to easy cash shortages

    Fix that

    Cancel reply
  • Why don't you go 2 YO bank & get money without %?....Why do u want to shut down other peoples source of livelihoods?...Why don't you demand that banks give your monies when you go withdraw & failure to that you also demand the banks to be shut down. Address the real issues IST!

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  • Kusanyara. Wanting to haunt this enterprising lady so she is not innovative and does not contribute to economic well being of citizens, Where would that country be without Ecocash? Simple logic tells you that if I have Ecocash 1,000 I will have to lose part of it as I pay for groceries, lose 2% of it to Ncube (even as I give to my son for pocket money), pay ecocash commisions and so forth as I spend. You do not understand that it is not the same as Bnd1,000 out of willful ignorance and that is culpable It shows financial illiteracy and is very worrying for people in positions they are not skilled for really. Ecocash $ is not same as cash in pocket, GET THAT? The way to fight it is ensure cash is freely available to those who need it, RBZ responsibility, so that cashout is for remote places where going to nearest bank is more expensive than cashout cost. Due to ready availability of cash cashout arbitrage will vanish. Treat the disease not symptoms. How do you explain bank transfers for bond cash at a premium that happen all the time and how do you stop that without being all over the place. Fix the disease !

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    • I have further suggestion, seeing this lady has done so well and for all purposes created a currency that works, with her team of course, give her RBZ Governor post and I am sure she will sort out the current immense pain the country is facing. Poor people suffer daily failing to access cash. We need sharp minds like her to fix these matters which current RBZ has dismally failed for years.

      Cancel reply
Published by
Farai Mudzingwa

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