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

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

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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


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

  1. 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.

        1. It’s only in Zim where there’s no distinction with Ponzi schemes. Respectfully speaking, the charges are too damn high!

  2. 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.

  3. 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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