• Govt saves face, RBZ statement on EcoCash ban: reversing from the original plan

    Yesterday the government through Nick Mangwana issued a statement declaring that mobile money was suspended with immediate effect. Naturally the public wasn’t happy and all three mobile telecommunications companies released statements to the effect that they would wait for a directive from the relevant authority. It seems like they have revised the original plan, probably…

  • Confusion, contradiction, lies – Breaking down the ban on EcoCash and others

    Of course we will keep going to town about the most stupid decision announced by the Zimbabwean government ever. Scrutinising the statement that announced the suspension of all mobile money and the Zimbabwe Stock Exchange word for word will give us volumes upon volumes to criticise. I’ll try to pick a few words to illustrate:…

  • Government bans EcoCash and other mobile money. Ok… So what are we supposed to do now?

    The government last night through Information Secretary Nick Mangwana decided to suspend all forms of mobile money. Now the reasons behind that decision aside, what does it mean for all of us who rely on EcoCash or OneMoney? A lot of the people were unbanked before the advent of mobile money. Many relied on physical…

  • Kuhumana: Video of gvt official struggling to explain why they suspended EcoCash

    Nick Mangwana, the Permanent Secretary in the Mimnistry of Information is the one whose signature was on the ridiculous statement that announced the ban on mobile money. Here is him tripping over his words to justify the move: The usual line about EcoCash regulation Mangwana is not the first government official to bring up some…

  • Remain calm and keep transacting, EcoCash tells its customers

    In a sudden and a hugely ill advised move, the government yesterday announced that they were suspending all mobile money transactions with immediate effect. As expected, EcoCash has responded. Here is their statement to their subscribers: Dear Valued Customers, We are aware of a statement purporting to have been issued by the Secretary for Information,…

  • Government suspends EcoCash and all mobile money. This is BAD, VERY BAD!

    The Government has suspended mobile money transactions. This is the statement that was released this evening: Government has, with immediate effect, undertaken a series of prudent and coordinated interventions to deal with malpractices, criminality and economic sabotage perpetrated by the “wolves in sheep skins amongst our population” that His Excellency the President alluded to during…

  • EcoCash reduces transaction limits

    Given that EcoCash has been under severe regulatory scrutiny over the past few weeks, its no surprise that the mobile money platform has taken the step to reduce transcation thresholds for certain transactions. The affected transactions can be found below: Affected customer Old Daily Limits (ZW$) New Daily Limit (ZW$) Old Monthly Limit (ZW$) New…

  • EcoCash Airtime Recharges Aren’t Showing In Customer Accounts.

    Customers have been tweeting out that they were buying airtime through EcoCash but weren’t receiving the funds. When they checked their EcoCash balance the money for the transaction was deducted. The problem started late last night and some still haven’t received their airtime or had their money returned to their EcoCash accounts. An Econet Spokesperson…

  • EcoCash Launches Promotion To Promote Bank To Wallet Transactions

    Most news around EcoCash has lately been about the continuous restrictions being placed on their platform by regulators. Such restrictions have implications on the platform’s utility (usefulness). It looks as if the mobile money company wants to pre-empt any possible exodus of users off the platform. We don’t think there is much risk of an…

  • [Update] EcoCash Merchant To Agent & A Host Of Other Transactions Blocked By FIU!

    EcoCash seems to have blocked Merchant to Agent transactions though it’s not exactly clear what their reason for doing so is at the time of writing. The first hunch would be that this is yet another directive from the RBZ but if it is it’s a bit strange that the RBZ has not shared that…

  • EcoCash Launches Online Portal For Registration Of Agents & Merchants

    EcoCash has launched a self-service portal which enables agents, merchants, billers, bulk payers and payroll channel partners to submit applications without need to physically visit Econet shops. The self-service portal is open to both existing and prospective channel partners and will allow them to enter their KYC (know your customer) documents, with applications being processed…

  • EcoCash Customers Wake Up To Money Deducted Into A Strange Account

    You remember when a good number of EcoCash customers woke up to messages that said they had successfully registered for EcoSure and so a dollar had been deducted from their wallets. That was strange because most of these folks had not tried to register for EcoSure! A repeat? Here is an example of what a…

  • ZIPIT Given Directive To Place Monthly Limits Similar To EcoCash By RBZ

    First it was EcoCash and now ZIPIT is getting the same treatment. The Financial Intelligence Unit (previously an arm of the RBZ but now operating independently) has issued a directive to ZIPIT CEO Cyril Nyatsanza placing a daily and monthly limit on ZIPIT transactions. The Directive dated 27 May reads; Dear Mr Nyatsanza. Temporary Downward…

  • Frustrated At Having To Remember USSD Codes For EcoCash? Try This App Instead

    USSD menus are pretty outdated when you consider the way we usually navigate on smartphones. The fact that you have to remember the codes and then the clunky interface which is prone to user error – the experience is mostly forgetable. But since USSDs offer real utility they are not going anywhere anytime soon so…

  • Can Blockchain Offer A Better Alternative To EcoCash’s Agent Problem?

    It has been an interesting yet unsurprising past couple of weeks for Zimbabwe’s most popular mobile money firm EcoCash. The company has been in a row with the Central Bank which has claimed loopholes in the EcoCash platform have driven up currency exchange rates and devalued local currency – one of the major issues is…

  • Full Breakdown Of The High Court’s Ruling On EcoCash Application For RBZ To Reverse Directive

    3 weeks ago, the Reserve Bank issued a directive ordering mobile money operators to ban agents that were transacting above a threshold of ZW$100 000. After effecting the ban EcoCash would have to register once again to meet certain KYC demands. EcoCash responded by filing an urgent chamber application to the high court seeking the…

  • EcoCash Has No Right To Represent It’s Agents Before The Courts – High Court

    So yea the urgent High Court application made by EcoCash to reverse a directive given them by the Financial Intelligence Unit of The Reserve Bank of Zimbabwe has been thrown out. The first stumbling block EcoCash fell on is that according to the court they had no skin in the game. The issue One of…

  • Mangudya On EcoCash, Guerrilla Warfare, Demons, Prayer, Sodom And Gomorrah

    The Governor of the Reserve Bank of Zimbabwe recently appeared before the Parliamentary Portfolio Committee on Budget and Finance. He used very interesting colourful words in his submissions. Guerrilla War Mangudya said: Whenever we put measures in place to make our economy grow, it seems there is asymmetric economic warfare, it is more like guerrilla…

  • Breakdown Of 4 Charges Leveled Against EcoCash, Its CEO And The CEO Of Its Parent

    The Financial Intelligence Unit has its daggers drawn against EcoCash. The unit’s Acting Director General wants his pound of flesh and he’s not taking any prisoners. Background Zimbabwe’s currency is tanking on the only market that matters in this country: the parallel market. This is not coming as a surprise to anyone except maybe the…

  • EcoCash CEO & Cassava CEO Charged Under Anti Money Laundering Law

    Here is a long letter charging EcoCash, its CEO- Natalie Jabangwe and Director (CEO of its holding company, Cassava Smartech) of crimes under Zimbabwe’s anti money laundering laws: OVERVIEW We write to advise you of the Financial Intelligence Unit (HU)’s intention to penalize: (a) Ecocash (Private) Limited (Ecocash); (b)Natalie Jahangwe, Ecocash Chief Executive Officer; and…

  • Steward Bank Roped Into EcoCash & RBZ Fight

    EcoCash’s war against the Reserve Bank Of Zim appears to be raging on. The Financial Intelligence Unit issued a directive to Steward Bank earlier on today placing some limitations on EcoCash’s Trust account (think of it as the main account for EcoCash). The directive by the RBZ reads: Restriction of payments into Ecocash Mobile Money…

  • EcoCash Announces Promotion For Tobacco Farmers Receiving Payment On Their Platform

    Following the opening of the tobacco auction floors earlier this month, EcoCash has announced a promotion for tobacco farmers accepting their mobile money service as form of payment for their crop. Farmers getting paid more than ZW$30 000 stand a chance to win 1 of 30 tobacco seed for 1ha and 1 of 30 fertilisers…

  • Both EcoCash And RBZ Are NOT Being 100% Sincere And Truthful

    The fight between EcoCash and their regulator, the Reserve Bank of Zimbabwe is revealing if nothing more. Of course the current episode started with a directive from RBZ instructing EcoCash to freeze agent accounts that transact above ZW$100,000. EcoCash went to court seeking an urgent reversal, the RBZ responded and now we are here. Reading…

  • A Certain Person ‘Spins’ Money When EcoCash Payments Delay Says RBZ Governor Mangudya

    So the story of the week has been the directive issued by the Financial Intelligence Unit of the Reserve Bank of Zimbabwe to EcoCash instructing them to freeze the accounts of agents that transact above ZW$100,000 (USD2,000 or USD4,000) per month. Of course, EcoCash went to court to have the order urgently suspended. On Friday,…

  • RBZ Ignored Warnings About Suspicious EcoCash Agents For Months

    Most people were surprised by the Zimbabwe central bank moves to instruct EcoCash to freeze the accounts of all agents that process transactions above ZW$100,000 (about USD2,000 or USD4,000 when you use the generous official exchange rate) per month. $100k is a crime The problem with this directive is that it is just a blanket…

  • Breaking: EcoCash Takes RBZ To Court For Freezing Agent Lines

    EcoCash has filed an Urgent Chamber Application at the High Court of Zimbabwe taking the RBZ to court over the recent directive to freeze accounts belonging to agents with transactions over ZW$100 000. An illegal directive In the chamber application, EcoCash makes the case that they were not consulted before the RBZ made its decision…

  • RBZ Freezes EcoCash Agent Accounts That Handle Above ZW$100 000 Per Month – Here’s Why That’s Dumb

    Another day another confusing decision by the RBZ… The central bank has directed EcoCash and other mobile money service providers (think OneMoney, Telecash & MyCash) to freeze accounts belonging to agents with transaction activity above ZW$100 000. Whilst at this point its fair to say we have become accustomed to such weird declarations and laws…

  • RBZ Freezes More EcoCash, OneMoney Agents- Strategy Still Not Working

    The Herald reports that the Reserve Bank of Zimbabwe has closed down more (undisclosed) mobile money agent lines in a bid to arrest the deterioration in value of the Zimbabwe local currency. According to The Herald, the Financial Intelligence Unit (FIU) of the central bank says that the agent accounts were moving large values which…

  • No, You Can’t Send Money From EcoCash To OneMoney – Here’s What’s Possible

    A number of tweets have led people to believe they can now send money from an EcoCash account to a OneMoney account directly (i.e without the need for an agent). The above tweet is an example of the euphoria around this issue but it’s important to note that this has always been possible. Moving money…

  • New Law Compels EcoCash- OneMoney Interoperability: Will It Change Things?

    Recently, Statutory Instrument 80 (SI80) was effected into law and among the big talking points is the fact that all mobile money operators will be mandated to connect to a national payment switch; It shall be mandatory for every money transmission provider and mobile banking provider shall be connected to a national payment switch, as…

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