Home Business EcoCash still operating despite ban by RBZ

EcoCash still operating despite ban by RBZ

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EcoCash still operating despite a ban by RBZ. RBZ had issued a statement banning all mobile money transactions sometime last week. Read the statement below

In a statement on Friday, the central bank said, “Agent wallets are no longer serving any legitimate purpose and were now being used primarily for illegal foreign exchange transactions. Agents’ mobile money wallets are therefore abolished, with immediate effect.

The Reserve Bank of Zimbabwe has banned Ecocash, Telecash and One Money and MyCash agents with immediate effect.

Agents currently holding value in suspended and frozen wallets shall be allowed to liquidate the funds to their bank accounts, upon the Financial Intelligence Unit (FIU) having satisfied itself of the legitimacy of the source of funds.”

But Ecocash has responded to the above statement with their own. From the statement, we can tell that EcoCash is still operating but on a number of conditions only. Check the statement below

EcoCash statement

Source – Bulawayo24 News

In other news – Picture of a Zimbabwe tollgate breaks the internet

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The Zimbabwe National Roads Administration (Zinara) raised road toll fees by 350 per cent on in July 2020 but the quality of the infrastructure still leaves a lot to be desired…continue reading.