Govt saves face, RBZ statement on EcoCash ban: reversing from the original plan

Valentine Muhamba

27 June 2020

Yesterday the government through Nick Mangwana issued a statement declaring that mobile money was suspended with immediate effect. Naturally the public wasn’t happy and all three mobile telecommunications companies released statements to the effect that they would wait for a directive from the relevant authority.

It seems like they have revised the original plan, probably because of public outcry. The original was honestly ridiculous, it was too far-reaching and would have absolutely decimated the fragile economy. The following is the statement released by the Reserve Bank:

PRESS STATEMENT

On the Suspension of Monetary Transactions on Phone Based Mobile Money Platforms

Following the Government Press Release on the Suspension of Monetary Transactions on Mobile Based Money Platforms (One Money, MyCash, Ecocash and Telecash) dated 26 June 2020, the Reserve Bank of Zimbabwe (the Bank) wishes to advise the public as follows:
a) All mobile money agents are suspended from facilitating mobile financial transactions with immediate effect.
b) All merchant transactions are suspended except for receiving payments for goods and services as well as payment of utilities (water, power and airtime), which have been limited up to ZW$5000 per day for the convenience of the transacting public.
c) All mobile money liquidations should be done through the banking system.
d) All bulk payer transactions have been suspended with immediate effect.
These unprecedented measures have been necessitated by the need to protect consumers on mobile money platforms which have been abused by unscrupulous and unpartisan individuals and entities to create instability and inefficiencies in the economy.
Members of the public are assured that their bona-fide transactions will be processed normally.

John P. Mangudya Governor 27 June 2020
RBZ

Mobile Money

6 comments

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Sabarawara

27 June 2020 19:47

Govt of Zimbabwe we ask of you to totally do away with EcoCash,OneMoney & Telecash for good.Stop this flip-flopping behaviour.Why reverse your earlier decision of suspending mobile money transactions?Just return to the basics of traditional banking.

Reply
1. Tsokoz
  
  27 June 2020 19:57
  
  @ Sabarawara. You are right. Rbz should just do away with these ponzi schemes. They are killing us.
  
  Reply
  1. Wraythe
    
    27 June 2020 22:09
    
    I suspect you are not familiar with that of which you speak. Mobile money is not a ponzi scheme
    
    Reply
    1. Gavex
      
      29 June 2020 15:58
      
      It’s only in Zim where there’s no distinction with Ponzi schemes. Respectfully speaking, the charges are too damn high!
      
      Reply
Anonymous

27 June 2020 20:40

that will not eliminate the black market. our economy is dead and you know it. So stop flip flopping and start political reforms and lead us back into the 20th.

Reply
Anold Khupe

28 June 2020 04:45

The end for the bond error is nigh. And they will try every trick in the book but that paper and ecocash money is nothing but a scam. How can people possibly have faith in your money when you do such dramatic and unethical statements that you are banning this and that with immediate effect. Will they notify the public in time then that they now want to do away with the bond or they will keep on saying the bond money is the legal tender then on the next minute they will ban it with immediate effect? I know the world world is in 2020 but Zimbabwe are we?

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