ZIMBOCASH launched their payments platform to a lot of fanfare earlier this year. Unfortunately for the team behind ZASH, they did not anticipate that people would try to create multiple accounts and hog value. This is what happened and ZIMBOCASH subsequently decided to take down the Peer to peer (P2P) payment platform.
Today ZASH account holders got an email with an update regarding the payment platform and the long and short of it is they are still working on a fix.
The email detailed the problem as follows;
However, six days into our launch, we received notice that a few WhatsApp groups had been set up to try to create spam accounts. People had learned how to get around our identity validations.
We had spent so much time developing the payments infrastructure, that we had not given rigorous enough thought to our identity validations.
This is what led ZIMBOCASH to then take platform down back in June and it is still down. They did offer an update regarding where they are with a fix:
As of today, we have 158 000 subscribers and growing by the day. Zimbabwe is in a desperate space with inflation rates of 1200% or more. Many people living on less than $1 per day.
Our solution should be ready in the next few weeks. We believe we can grow very quickly, so please bear with us now and after we enable payments again.ZIMBOCASH in an email to account holders