Ecocash defies govt suspension of mobile money platforms

Ecocash defies govt suspension of mobile money platforms

Harare (New Ziana)- Zimbabwe’s largest mobile money platform by market share, Ecocash on Saturday defied government suspension of mobile money transactions on grounds the directive did not come from the regulator, the central bank.

Government on Friday announced the suspension of mobile money platforms accusing the firms of complicity in illicit foreign currency transactions that undermined the local currency and economy in general.

It said until the mobile money sector is reformed to ensure accountability, its operations would remain suspended.

One of the reasons given for the suspension was that mobile money platforms were driving the forex parallel market rate.

But, in clear defiance, Ecocash urged its subscribers to remain calm and continue transacting after government announced intentions to suspend mobile money services.

“We urge all Ecocash users who exceed 10 million Zimbabweans, the majority of whom do not have bank accounts, to remain calm and to continue to do your lawful transactions as usual. Should there be any changes, we shall give you adequate notice as required by law,” it said.

The country has four mobile money platforms which are the state owned OneMoney and Telecash, Ecocash and MyCash.

Government said the suspension of the operations of mobile money platforms would help tackle rampant illicit financial transactions.

New Ziana

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