ZACC To Investigate EcoCash And Its Agents For Selling Cash

Farai Mudzingwa Avatar

Farai Mudzingwa

Zimbabwe’s Anti-Corruption Commission has said like you and me, they are not particularly pleased with what EcoCash agent’s and the EcoCash system has become.

The issue of selling cash by agents has caught the attention of the Commission which has opened an investigation looking into this (took them long enough). The commission sent out a series of tweets this morning notifying the public that investigations are underway:

We are concerned about the volumes of isolated of reports we have received in connection @EcoCashZW agents manulating the cash ecosystem to their unfair advantage by selling cash & at prohibiting rates. We are aware that this practice is enabled & supported at a systematic level.

An investigation has been opened which must determine and charge the real perpetrators behind this rot. We hope that @econetzimbabwe and @ReserveBankZIM will also look into this seriously to bring an urgent and lasting solution.

We believe that in order to effectively fight corruption, all avenues that promote corruption regardless of size must be shut with urgency and we look forward to work with all stakeholders in such scenarios to actively close these pilferage opportunities.

ZACC via Twitter

Last month EcoCash said it had shut down over a thousand lines belonging to agents who were selling cash. The only problem is that a thousand lines are a drop in an ocean when you have an agent network of over 26 000 agents (as of Q4 2018) and the majority is suspected of being part of the shenanigans.

The problems regarding EcoCash agents have persisted since 2016 and because cash has been hard to find, it has become a commodity that is actually sold instead of solely being used for trade. It will be interesting to follow the investigations by ZACC who believe that the selling of cash is “enabled and supported at a systematic level” i.e within EcoCash.

Ultimately one would hope that this could mark the end of the selling of cash by EcoCash, a practice which has further pressured already hard-pressed Zimbabwean wallets.

Also read, Zimbabwe Anti-Corruption Commission Findings Justifies Setting Up Of Recruitment Portal For Nurses

10 comments

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  1. Token

    No need to investigate anything the main culprit is Econet and the government. Econet transaction fees are just too high and also the government tax is not fair to the subscribers. That’s the only reason there is resistance to mobile money in Zimbabwe because it is expensive to use mobile money than cash

    Reply
    1. Anonymous

      That’s a poor assessment. EcoCash charges, cumulatively are less than 2% of the transaction value add the government’s 2% cumulatively that’s 4%. Now, 4% of $100 will always be less than 50% of
      $100 even if you’re charged once off that 50%. That is were Zimbabweans with the argument you are putting up above are losing it. They think if they spend electronically, the charges are more than the cash-out charge.

      Reply
  2. Anonymous

    I would suggest the problem of HUGE amounts of new cash on the streets is far more urgent to investigate and fix!

    Reply
  3. inini

    2 tier pricing is the problem – you are charged less when paying cash

    Reply
  4. Anonymous

    Good move but makazvinonoka takakuvadzwa kare,main culprit definitely it’s Econet

    Reply
  5. Godwin Chitagu

    Good move but makazvinonoka takakuvadzwa kare,main culprit definitely it’s Econet

    Reply
  6. always off topic

    Zacc are hilarious, if there was a robbery in progress, those Zacc officials would probably first post their intention to intervene on social media or even call a press conference , giving the robbers all the time they need to clean the crime scene and get away. Their actions just prove how they all about grabbing the headlines and less about fighting corruption. NXA!!!!
    You are fools for thinking there will be any blowback on Ecocash. They have a team of ferrocious lawyers who eat dumb Zacc officials for breakfast.
    Besides, is selling cash even a crime???? or is it simply a violation of some Ecocash T’s&C’s .

    Reply
    1. Anonymous

      True dai vatombovhara ma merchants ese ari kuita zve eccocash vochizovhurira vanenge vauya nema licence ema business because ummm people are being robbed with these eccocash agents

      Reply
  7. Imi Vanhu Musadaro

    1000 out of 26000 isn’t a drop in the ocean, unless the ocean is made up of 26 drops.

    Anyway, supposing ZACC effectively gets rid of these unscrupulous agents. Do we honestly believe cash flows will improve? Fix the root problems.

    At every turn there’s someone being pointed at, as the cause of economic hardship. When they are removed from the equation, and no change occurs, the finger quickly points to someone else. It was Old Mutual not too long ago, Zimbollar too and now EcoCash. 🤷‍♂️

    Reply
    1. Farai Mudzingwa

      Solving less than 5% (3.8 to be specific) of your problems can be seen as a drop in the ocean…

      I do agree with you that ecocash is not the main problem and ZACC who are supposed to deal with the main problem pointing at them is pretty disappointing

      Reply

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