Since morning, some fliers indicating that EcoCash will be suspending EcoCash Mastercard online payments from the 16th of August until further notice have been circulating.
We know fake news is a serious problem, especially now that we’re so gullible to it due to the fact that Zimbabwe has become uncomfortably unpredictable… especially wherever money is concerned. We made efforts to contact EcoCash so they could comment on the authenticity of the news. We kept our fingers crossed as we waited for a response, but well, turns out our fingers cramped for nothing. The news is true.
EcoCash will be releasing a company statement tomorrow but since we already on it, we might as well…
The new developments (though development doesn’t really sound right but oh well) state that from the 16th of this month, we won’t be able to make any online payment using the EcoCash Mastercard Debit Card. Right when we had made peace and re-strategized on how to go about our online shopping following the most recent slash at the beginning of this month; we get this! This is actually the part where one appreciates anything but a zero.
Anyway, that’s not the only bad news EcoCash has. Effect from the 1st of September, the international transaction limits will further be slashed. The POS limit per month will be US$75 while the monthly limit for ATM withdrawal will be US$25 – making the limit US$100 altogether.
However, local transaction limits remain unchanged at US$10 000 per month.
At this rate, the pessimist in me predicts that by the time we get to the end of the year, the Ecocash Mastercard Debit card would have completely scraped off all its international uses. Guess the EcoCash mastercard would just be as good as any other Zimswitch card out there.
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12 comments
Econet is an Agent of Mastercard global network. For Econet to service Mastercard accounts, they need real dollars, not bollars.
Whoever thought 1 bollars = 1 US dollar needs to go back to basics
Spot on
Does this apply to the physical card or will the Virtual card facility also be affected?
Virtual card is a representation of physical card. If l buy using my card especially using anything app of nfc, a virtual card is automatically created for me. That looks to like if l do not have physical card, no virtual card number is generated for me
Things get worsened for my purchases
What of RAND Wallet, will it be discontinued or limited when making online payments?
So the situation keeps getting worse. Great
The situation will deteriorate until the country’s exports exceed imports aka productivity. Nostro accounts are simply savings/deposit accounts of local banks based in a foreign land. The “foreign land” being a country which has high investor confidence, predictable monetary and fiscal policies which allow hindrance-free foreign currency trading etc e.g. Mauritius. If we had a govt that had truly patriotic and “learned” people, ours would be such kind of a country. But we seemcontent to put up with mediocre populist jingoism which has never taken any serious country anywhere except to the doldrums. I’ve met many Zimbabweans around the globe and heard some say, “I finished school”, you finish a course not school, learning does not end. When last did you hear the president of this country actually talking about solid work to turn the situation around? He is never asked that and is probably doing nothing about it. Yet he is quick to say this moribund economy is the second in Africa to justify the position he holds? Yet the economy used to be stronger than that of RSA, think about it.
About “finished school”, just you being pedantic.
Much ado about nothing!!!
Your brain is equipped with amazing inference abilities, you don’t even make an effort for it to conclude meaning.
Putting on your silly hat, “finished school != end of learning”. Even you are lost.
tambai mese zvakanaka!!!
Although we are a country having more imports than exports, the real cause of the shortage is treasury bills. The state used them to finance their expenditure & didn’t pay back & kept on taking real money from the banks & left l owe u’s
Zim Government vana vemahure mese