Subscribers Will Get Their Money If EcoCash, OneMoney, TeleCash Fail - John Mangudya

Reserve Bank of Zimbabwe (RBZ)  governor John Mangudya has reassured subscribers who use mobile money platforms EcoCash, OneMoney and TeleCash that they will receive their money if any of the firms go under. Mandgudya revealed that the RBZ had amended the National Payment Systems Act to protect subscribers if any of the mobile money platforms or their parent mobile network operators collapse. Said Mangudya,

The National Payment Systems Act was amended to deal with what you are talking about. It is an old Act but we amend it from time to time so that we keep up with the trends. It challenges the RBZ to offer efficient, reliable and safe payment services to customers. We also do what we call risk profiling of these companies and definitely, it is our responsibility to ensure that, for instance, if Econet goes under, all the subscribers will get their money.

I get that DPC needs the names of the trustees in order to compensate and I can tell you that RBZ has the power to demand those names from MNOs and then forward them to DPC when the time comes.

More: The Zimbabwe Independent