Tag: EcoCash Agents
What you need to know to liquidate EcoCash Agent account
As we reported earlier EcoCash Agent funds that haven’t been liquidated are now subject to the 2% Tax. For any company or individual that hasn’t yet started the process, here are some of the things you’ll need to know and have to liquidate funds in your EcoCash Agent account. In a report by The Chronicle, […]
Banned EcoCash Agents lines will be subject to the 2% Tax
The RBZ’s monetary policy statement from a couple of months ago revealed that agent lines are banned because they no longer serve a purpose. This announcement wasn’t a surprise to many because it looked unlikely that agent lines would be restored. After the suspension of Agent lines, many who used them began the process of […]
President ED – State had to act against EcoCash because $8.4 billion was circulating outside the banking system
President Mnangagwa recently addressed a ZANU-PF Committee in Gweru and in that address he spoke on the long-running feud between EcoCash and the state. The President had some interesting things to say about the mobile money operator which has been accused by the financial regulator and state officials of being behind runaway inflation. We realised […]
Beware! Scammers promising to upgrade daily EcoCash account limits
The RBZ recently placed stricter regulations on mobile money service providers. You may have heard that you can no longer transact over ZW$5000 daily. Interestingly, we came across a WhatsApp message that we believe is a scam. It claims that you can actually upgrade your EcoCash account and once you have done so you’ll be […]
EcoCash limits transactions to $5000 per day
In accordance with the Reserve Bank of Zimbabwe’s Monetary Policy Statement on Friday EcoCash put out the following press release: EcoCashNotice to All EcoCash CustomersDear Valued CustomersPlease be advised that we have received a directive from the Reserve Bank of Zimbabwe to the following effect; 1. Transactions by all individuals shall be pegged at a […]
Agent lines banned by RBZ as “they no longer serve any legitimate purpose”
Earlier today, the RBZ published the Monetary Policy Statement and there are a number of pretty shocking declarations. One of which is that agents lines are officially a thing of the past. The same document also outlines that mobile money wallets will now be limited to one per individual. RIP agents (2011-2020) Agents have been […]
EcoCash is under threat – gvt to blame BUT underlying problem is EcoCash/Cassava/Econet
Yesterday a colleague mentioned that they were denied using EcoCash at a service station. All other forms of payment were acceptable except EcoCash. This didn’t surprise me. First let’s make sure those who have been living under a rock are caught up: On Friday the 26th of June 2020, the Government of Zimbabwe declared that […]
EcoCash Launches Online Portal For Registration Of Agents & Merchants
EcoCash has launched a self-service portal which enables agents, merchants, billers, bulk payers and payroll channel partners to submit applications without need to physically visit Econet shops. The self-service portal is open to both existing and prospective channel partners and will allow them to enter their KYC (know your customer) documents, with applications being processed […]
Can Blockchain Offer A Better Alternative To EcoCash’s Agent Problem?
It has been an interesting yet unsurprising past couple of weeks for Zimbabwe’s most popular mobile money firm EcoCash. The company has been in a row with the Central Bank which has claimed loopholes in the EcoCash platform have driven up currency exchange rates and devalued local currency – one of the major issues is […]
Full Breakdown Of The High Court’s Ruling On EcoCash Application For RBZ To Reverse Directive
3 weeks ago, the Reserve Bank issued a directive ordering mobile money operators to ban agents that were transacting above a threshold of ZW$100 000. After effecting the ban EcoCash would have to register once again to meet certain KYC demands. EcoCash responded by filing an urgent chamber application to the high court seeking the […]
EcoCash Has No Right To Represent It’s Agents Before The Courts – High Court
So yea the urgent High Court application made by EcoCash to reverse a directive given them by the Financial Intelligence Unit of The Reserve Bank of Zimbabwe has been thrown out. The first stumbling block EcoCash fell on is that according to the court they had no skin in the game. The issue One of […]
Both EcoCash And RBZ Are NOT Being 100% Sincere And Truthful
The fight between EcoCash and their regulator, the Reserve Bank of Zimbabwe is revealing if nothing more. Of course the current episode started with a directive from RBZ instructing EcoCash to freeze agent accounts that transact above ZW$100,000. EcoCash went to court seeking an urgent reversal, the RBZ responded and now we are here. Reading […]
A Certain Person ‘Spins’ Money When EcoCash Payments Delay Says RBZ Governor Mangudya
So the story of the week has been the directive issued by the Financial Intelligence Unit of the Reserve Bank of Zimbabwe to EcoCash instructing them to freeze the accounts of agents that transact above ZW$100,000 (USD2,000 or USD4,000) per month. Of course, EcoCash went to court to have the order urgently suspended. On Friday, […]
RBZ Ignored Warnings About Suspicious EcoCash Agents For Months
Most people were surprised by the Zimbabwe central bank moves to instruct EcoCash to freeze the accounts of all agents that process transactions above ZW$100,000 (about USD2,000 or USD4,000 when you use the generous official exchange rate) per month. $100k is a crime The problem with this directive is that it is just a blanket […]
RBZ Freezes EcoCash Agent Accounts That Handle Above ZW$100 000 Per Month – Here’s Why That’s Dumb
Another day another confusing decision by the RBZ… The central bank has directed EcoCash and other mobile money service providers (think OneMoney, Telecash & MyCash) to freeze accounts belonging to agents with transaction activity above ZW$100 000. Whilst at this point its fair to say we have become accustomed to such weird declarations and laws […]
EcoCash Nicodemusly Raises Charges
For the latest EcoCash Charges, please see this August 2020 update. We recently got a tip to the effect that EcoCash had silently raised charges for EcoCash biller charges, slapping a $5 fee per transaction; Ecocash biller charges have shot up to $5 flat per transaction irrespective of amount. Was shocked today when sending various amounts for […]
Transacting Using OneMoney Will Be Free Until The End Of 2019
OneMoney is pouncing on the chaotic fortnight that EcoCash has had. What initially seemed like a passive attempt at winning over market share with media poster has turned into a full-on assault with OneMoney’s latest promotion. From now until 31 December 2019, transacting via OneMoney will be free of charge. The mobile money platform has […]
Cash Now More Expensive On The Streets Since The Cash-in, Cash-out Ban
Our prediction that the irrational ban on cash-in and cash-out for mobile transactions would make things worse has just been confirmed. The price of cash on the streets has just gone up. This is one of the times when one is actually sad that they were right. According to a survey done by ZimPriceCheck, the […]
EcoCash Should Help Us To Monitor & Control It’s Platform – RBZ
RBZ Governor, Dr John Mangudya has urged EcoCash to help the central bank to monitor and control it’s platform. Dr Mangudya’s comments are on the heels of a controversial ban which EcoCash is already challenging in the High Court. First off Dr Mandudya started by acknowledging that EcoCash’s platform is not inherently bad but rather […]
Strive Masiyiwa’s Comments On EcoCash Agents Selling Cash Are Hypocritical
By Francis Chiwunda So Strive Masiyiwa recently responded to the raging debate on EcoCash agents charging premiums when people cash out of their mobile wallets. I don’t agree with his reaction to this issue and here are my thoughts: A friend said this and I sort of agree with him, This is how monopolies fall; […]
Masiyiwa On EcoCash Agents Selling Cash, “Whose Cash Are Agents Selling?
The issue of EcoCash agents selling cash has been topical lately. Some are issuing out ultimatums and even a cabinet minister is threatening the EcoCash CEO with arrest. Arrest for what is the question. The anti-corruption commission has called this corruption. Really? Strive Masiyiwa has given his thoughts to this whole fiasco as he responded […]
Ridiculous: EcoCash Manager May Face Arrest For Cash Out Premiums – Minister Mutodi
Honourable Energy Mutodi, our Deputy Minister of Information has given his two cents regarding EcoCash’s cashout problem and as with most things that come from his Twitter account it’s pretty interesting… Ecocash manager may face arrest if her business continues to inconvenience the public by charging exorbitant transaction costs Deputy Minister of Information Energy Mutodi […]
ZACC To Investigate EcoCash And Its Agents For Selling Cash
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 […]
We Have Shut Down Over 1000 Agent Lines For Selling Cash – EcoCash
EcoCash agents are now infamous for selling cash (charging higher cash-out rates) to customers. In a way, they are the heartbeat of the currency black market. But unbeknownst to them, EcoCash has been monitoring them to see who has been charging “fees outside the regulated charges”. As result, mobile money platform has closed down over […]
{Press Release} EcoCash Commits $5 Million To Help Its Agents In Cyclone-hit Areas To Get Back On Their Feet
EcoCash has set aside $5 million for small businesses in the Cyclone affected areas in Zimbabwe which include Manicaland and Masvingo as part of an initiative to help rebuild the economy of their areas. The initiative, named ‘Project ReBoot Livelihoods (PRL)’ by Econet Wireless founder Mr Strive Masiyiwa, will see EcoCash, working with its sister […]
EcoCash Taking Away Inactive Agent Lines
EcoCash are taking away agent lines from agents whose lines have not been active for 90 days or more. The fintech company says they want to reissue the lines to other potential agents who may want to use them. In the same statement EcoCash reminded their agents that the agent line is and remains the […]
Ecocash Cashout Rates Have Fallen On The Black Market
While Zimbabwe certainly still has a biting foreign currency crisis one thing appears to have gotten less severe for some reason: The Cash crisis, which is still definitely a problem appears to have gotten less severe. In June last year whenever I wanted to cash out money from my Ecocash wallet I had to part […]
Ecocash Agents Shocked To See Tax Deductions From Their Commissions, Ecocash Explains
Ecocash agents were shocked to find 10% deducted from their accounts. Some said this was the first time this was happening and accused Ecocash of stealing from them. Below are messages some of the agents received. We reached out to Ecocash and this is what they had to say. Here’s the position: Agents have […]
NetOne is recruiting OneMoney agents, a good deal?
It seems NetOne is really determined to grow OneMoney this time. Maybe the ‘scolding’ from the former Minister of ICT, Hon Supa Mandiwanzira served as some good inspiration. I realised that they are putting ads in the newspaper that are calling out for people who are interested in becoming OneMoney agents. The latest POTRAZ telecom report (Q2, 2017) […]
“Our Shops Usually Have Cash, For Cash Outs” – EcoCash
If you just crawled out from under a rock and been there for a year, welcome. A lot has happened over the past twelve months, from Zimbabwe introducing “its own currency” (the bond note) to NetOne rebranding their mobile money service OneWallet to OneMoney. What has been most interesting however has been the cash crisis that […]