This week EcoCash is making the headlines for all the wrong reasons. A couple of prominent organisations, ZACC and NBC have expressed their criticism on the failure by EcoCash to deal with rogue agents that are putting a premium on cash-out transactions.
Owing to that, EcoCash has released a statement distancing itself from the unscrupulous agent’s practice.
EcoCash advises its customers and the general public that it does not condone any illicit activities by EcoCash Agents.
This is a position we have consistently maintained in previous communication through multiple public media channels.
Any customer charged above the agreed and authorised commission levels should immediately report such practices to Toll-Free line 114, or to our official Social Media Accounts.
In many ways, EcoCash’s statement looks/sounds similar to other statements it has issued in the past. And these statements seem like they have done nothing to deter agents to continue their ‘money-trading business.
Of course, EcoCash faces a difficult task to sanitize it’s agent network and issuing apocalyptic statements to its agents won’t achieve it. But for someone who has watched WhatsApp battling fake news and trying to solve this problem by coming up with different solutions, I think EcoCash has not really done enough to solve the problem of premium cash-out charges by it’s agents.
WhatsApp has gone so far as to crowdsource for solutions and invent new features/functionalities just to solve the problem of fake news on it’s platforms. But I’m not seeing that practical effort by EcoCash to solve this problem which is why I think they can do more that issuing warning statements.
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7 comments
What more would they say and do! They have done all that needs to be done. The blame game has to go to the right authorities. It’s not an easy road guys honestly. This Zimbabwe is stinking lots.
“… I think they can do more that issuing warning statements.”
Why don’t you highlight what you think that they can do?
What should Ecocash have done? Ecocash is not responsible for cash shortages, RBZ is. The financial industry has a regulator, what has the regulator done? They cant do anything because they have not done the minimum expected of them. Ecocash is not responsible for cash shortages!!!! What should Ecocash have done?
This matter seems to be underestimated with a lot of blame shifting back and forth. We need to unpack the whole problem which includes but not limited to the following:
1. Lack of cash in the economy
2. Willing victims and
3. Opportunistic perpetrators taking advantage of the cash vacuum that’s creating arbitrage opportunities.
4. There are complainants coming forward living the service provider with a weak position. Crime needs a report, thereafter evidence based on a burden of proof on the complainant.
Fish rots from the heard, we need to fix the whole train starting from the 🚂 to the last 🚃. Otherwise we will be speaking the same story beyond 2030.
Econet needs to protect it’s name as Ecocash is their product. Yes the problem emanates from the RBZ but they could simple have their security teams do spot checks on agents and blacklist those that are selling cash at a premium. It is more than likely that Econet itself through its bank Steward bank is selling the cash using designated agents and this just goes on to show the extent that our country has fallen. Name calling will not resolve this problem as it only helps the person doing the name calling to vent and let out his/her frustrations but the problem will still be there. The majority of this country’s problems are political and require political solutions… in the meantime the rich keep getting richer and the politically connected are quiet content with the status quo.
What boggles the mind is, where are these agents getting the cash from??
if we start from there!
Why can’t we just use One money!!!
Service stations, supermarkets and public transport operators sell cash to Ecocash agents. No record of them banking their cash.