Ecocash agents are reportedly making a killing as they are now charging close to 40% for cashout transaction for both notes and coins.
Since 24 June when the multi-currency system was abolished, the demand for the bond has soared. This, in turn, has enriched some Ecocash agents as they can charge exorbitant percentages for those who are in dire need of cash The Herald reports.
The fact that some retailers only sell their wares in cash only has exasperated the situation. The Herald reportedly investigated the situation and found out that:
So bad has become the situation that some kombi operators, retailers, wholesalers, ice cream vendors and other traders have set up illicit “cash wholesales” where vendors hoard cash at lower rates ranging between 10 to 20 percent for resale on higher rates.
Most people in the business sector do not bank their sales. They have found ready market for that cash. So we approach them and buy cash at reasonable rates. They usually they charge us a 10 percent fee for coins and 15 percent fee for notes
I buy cash from a friend of mine with an EcoCash shop here in town. I understand he buys cash from some wholesalers in downtown and he dishes it out to us at a good rate. I then put a mark-up when reselling to others
Most of us here do not even have bank accounts. We buy bond notes and coins from friends who run tuckshops here in Mbare. They strictly charge their goods in cash with a view to sell it to us for an additional fee. Tuckshop operators do not accept any form of payment other than cash.
She said some EcoCash agents got cash suppliers of up to $20 000 daily, which is illegally sold to desperate people.
More: The Herald
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