Tuesday, October 1, 2019

Econet Hits Back At RBZ Over Ecocash Ban

Cassava Smartech has approached the High Court seeking to “temporarily” stop the implementation of the Reserve Bank of Zimbabwe’s ban on all cash-ins, cash-out and cash-back facilities by mobile money agents.
The urgent application follows RBZ’s directive which is alleged to be a way to stop money laundering.
Cassava Smartech which is an offspring of Econet Wireless, runs ECOCASH, the largest mobile phone-based money transfer, financing and microfinancing service in the country.
Authorities accuse Ecocash agents of promoting and or participating in money laundering which has undermined the economy of the country. Find below parts of the text of the court application.