“They’re Closing All ECOCASH Lines Doing Cash-ins Only,” REPORT

Ecocash is reportedly closing Agent lines that are mainly processing Cash-ins only. Reports suggest that the Econet Wireless subsidiary believes that those Agents might be involved in money laundering.

One forex dealer who spoke to Zim Price Check said:

Things are bad. They are closing all lines that do cash-ins but rarely if ever do cashouts. Lots of guys have stopped trading as they fear their lines will be closed.

The development comes a few days after the government together with the Zimbabwe Anti Corruption Commission have recently told Ecocash to reign in their Agents as the country take steps to address money laundering.

Zim Price Check observes that although cash-ins without a lot of cashouts suggest that one is involved in money laundering, it is also possible that the line is being used as a payment platform.

Therefore, by closing such lines Econet is putting the burden of proof upon the agent.

Foreign currency exchange rates are reported to have tumbled amidst reports that few money changers are trading.

More: Zim Price Check

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Reserve Bank of ZimbabweEcoCashEconet Wireless

The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About Reserve Bank of Zimbabwe

EcoCash is a mobile money transfer facility which is run by Econet Wireless Zimbabwe. The facility has grown in leaps and bounds since its inception and is arguably the largest mobile money transfer agent considering the huge sums of transactions that the platform is said... Read More About EcoCash

Econet Wireless Zimbabwe, a subsidiary of Econet Wireless International, is the first and largest mobile network services provider in Zimbabwe. The telecoms giant became popular with its products and services such as Buddie. It has established branches in different corners of the country and enjoys... Read More About Econet Wireless


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One Comment on ““They’re Closing All ECOCASH Lines Doing Cash-ins Only,” REPORT

  1. wy are they closing the ecocash’s and how long is it taking .Because we have hundrends of our money is in the ecocash these days pple where now living with the life of ecocash how cld u pple

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