Earlier we reported on Econet’s EcoCash agents “selling” cash. We received notice of the alleged misconduct after we wrote on the list of banks you can link your Ecocash wallet with, with disgruntled EcoCash wallet holders expressing discontent in the manner agents are handling the now rare cash commodity.
We reached out to Econet on the issue and they provided the following comment:
….Our Agents are not allowed to charge customers any extra amount above the applicable approved Cash-Out tariffs automatically deducted from the phone. We encourage our customers to report such malpractices by advising us of the Agent Code on toll-free 114/111 or alerting their nearest Econet shop.
Although it is the responsibility of agents to ensure that their agent business is liquid, EcoCash is playing an active role to link agents with the core support for liquidity.
Steward Bank offers low cost float loans to EcoCash agents and this offering has always assisted agents in remaining liquid.
In addition, we continue to explore ways to help our customers to have more choice and convenience through our increasing partnerships with various goods and service providers as EcoCash Merchants. That way, we are minimising the need for our customers to Cash-Out as they can now access goods and services all via their EcoCash wallets….
[Update]
We have also received notice that a message was sent out to Econet subscribers over the past weekend, the message read:
Urgent Notice. Please note that it is illegal for an EcoCash Agent to charge you extra on a Cash Out transaction. Call 114 to report such practices.
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7 comments
the so called loans are not easy to obtain.a lot of paper work in order to receive the loan so one ends up not taking the loan.zvamunoudzwa kumaforum kana mazoenda kusteward bank its not easy.
Loans are always like that everywhere i gues..you cant have loans without proper documentation fromwhatever bank steward bank included i think…i went to CBZ looking for a loan and the list of requirements was just endless…
that we cant run away from i guess its protection against bad debts
It used to be like that in other countries. I remember getting a loan around 2002 and the amount of paperwork l had to sign even though the bank had done some other parts for me including reasons why l needed the money for. That was also same with credits cards
Fast forward to 4 ago month when l was bored and decided to apply for a credit card in the very early hours of the morning( around 1am), l logged into my online bank, answered less than 3 questions and within 20min my credit card was confirmed and on its way.
This have been made easy by having a credit check bureau l think and AI which tracks your spending habits.
But such innovation is still years ahead of Zim so its paperwork until madhongi amera nyanga!
Credit bureau will be launched in Zim before Christmas. Testing currently under way…
its not about agents being liquid. these agents have ther float which is stuck at Steward bank. if you go to the bank for you to withdraw some hard cash for you clients you are given only 100 from the 2000 in your account and the charges are also high.
there is a fixed charge of $2 and steward bank is charging you and extra 6% for that transaction so at the end of the day taking 100 will cost you $8 and if you give that amount to a customer doing cash out u get less that $1 in commissions. this therefre forces the agents to sell money coz it difficult to come by.
i am not supporting the selling of money but econet through Steward bank should ensure that cash is available and they can penalise the people who are selling money.
i am an ecocash agent and i have enough float and i dont need the loan but there is no support from econet as well as steward bank to ensure that agents get money.
loans are not an issue but the availability of cash is to blame for this predicament
Hey,what that stories we hearing that Eco cash got money shortages problems.Is it still safe pple to send money trough Eco cash???
I sent money yesterday,till today,My wife didn’t get her money,it stressing Now!
cant blame the agents, the situation calls for it, cash shortages mek them do so and econet thru steward bank is nt supporting these agents wt hard cash, wat choice do they have???