In it’s High Court application, EcoCash has highlighted that its mobile money platform will possibly be shut down altogether so that they can complete the process of removing cash-in and cash-out functionality.
The Appplicant (EcoCash) is already in the process of implementing the Directive (to end cash-in and cash-out transactions) with the possibility of a complete shut down as a whole to enable the completion of the process.
This is not a shut down in the sense that EcoCash will never be used again, but it’s a shut down where EcoCash will be remodeling their system so that it works quite well after removing the cash-in and cash-out functionalities.
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The shut down stands to affect around all EcoCash users countrywide for an undisclosed period whilst EcoCash gets its house in order. However, that could be averted if only RBZ withdraws the ban or the High Court treats the matter as urgent and rule that RBZ’s ban is illegal.
The Application is intended to temporarily stop the continued implementation of the Respondent’s Directive pending the determination of the legality or otherwise of the directive on the return day on the grounds that Applicant meets all the requirements for the grant of a temporary interdict.
10 thoughts on “EcoCash Will Be Temporarily Shut Down If RBZ Ban Is Not Lifted”
This fellow should stop spreading fibs in such a shameful manner. To say the entire eco cash facility is down is waffling of the highest order, worse still while directing the fibs to the innocent public.
I think you understood him wrong, he said “EcoCash Will Be Temporarily Shut Down If RBZ Ban Is Not Lifted”
We appreciate the role that Ecocash plays in the economy. At the same time let us not lose sight the fact that the Ecocash facility is being used as a platform to sell money at a horriible and unbelievable 60%!!!!!!!!!!!! this is more than corruption and extortion at its worst.
The Authorities must immediately make cash available via the Banking System ATMs etc and no cent should find its way to these unscupulous cash barons,
We have always asked, how do these Dealers get brand new notes, when Banks are unable to do the same and yet Banks are the Authorised Dealers for the Reserve Bank?
The RBZ knows what is happening and has been supping with devil its impossible for them not to know when they are the printers and distributors of the notes and coins.
If we had access to hardcash will they be such a thing? Answer?
RBZ is behind these money changers…full stop infact the gvt.
They get richer while we get poorer
We suffer and they benefit..
Guys ecocash is not the problem but its the agents that have abused it. Cash out and cash in by agents had created this evil animal called inflation by charging unbelievable charges for the service. Ecocash providers on their part also did not do much to protect the vulnerable. Just like banks they should have practiced Know Your Customer. If they had done so they would have dealt with these agents long time ago.So I blame government and ecocash providers for not acting soon enough.
It is absurd to believe that sanity will be restored in Zimbabwe’s financial system by imposing a ban on cash-in and cash-out facility. Eco-Cash agents will simply resort to the black market here liquid cash will be sold to the public through the existing “send money” facility. While it is acknowledged that Eco-Cash has not done anything to curb the illicit dealings in cash by its agents, the government has also not played its part by addressing the root cause of the problem (Liquidity. I do not think its a fair deal for Eco-Cash to completely shutdown its facility or for the government to ban the facility either. the government must work together with Eco-Cash on coming up with workable modalities to address the problem in the short term while the government works on coming up with a long-lasting solution to the cash crisis.
let them arrest all ecocash agents. They are the ones abusing the mobile money platform by charging unneccessary %ntages..Again bank managers must face the same rath
Ecocash must put it’s house in order first. It must take stern measures and control over it’s heartless and inhuman agents. We might say the agents are the one who are having problems,but these agents falls under ecocash. So the blame will be for ecocash again. It must do follow ups on it’s agents so that all the customers can enjoy a fair deal
It’s fantastic that you are getting thoughts from this article as well
as from our dialogue made at this place.
My question is then what happens to ppl who have their money in ecocash and will govt print enough hard cash for everyone