Cassava Smartech which operates Ecocash, the largest mobile phone-based money transfer, financing and microfinancing service in the country has said that they have plans to totally shut down the platform.
The company revealed this in its urgent application at the High Court which is meant to stop the implementation of the directive by the Reserve Bank of Zimbabwe.
The RBZ directed that cash-in, cash-out and cash-back should be suspended as they were fueling money laundering.
Part of Cassava Smartech’s application reads:
The Respondent (RBZ) has directed the Applicant (Cassava Smartech) to shut down the cash in and cash out facilities of its system purporting to be acting under Section 10 of the National Payments Systems Act [Chapter 24: 23]. The Applicant is already in the process of implementing the Directive with the possibility of a complete shut down of the Ecocash platform as a whole to enable completion of the process.
shutting down ecocash is not the solution but if cash is availed in banks these unscrupulous ecocash agents stand to lose business as people would get or withdraw cash from banks.it is a pit that we have clueless people in leadership.
Yes shutting down ecocash its fine then quick quick phase out bonds notes and returns us dollar we are tired of nhasi riripakati zuro raiwe pakati pasi nebond notes
The sooner that EcoCash is TOTALLY shutdown, the sooner we will get rid of this thieving, clueless, incompetent, financially bankrupt useless government. ED has absolutely no idea of how finances work, he wouldn’t even know what 1+1-2 equals; that’s why Ncube, Mangadya, The Queen are taking this place to the cleaners. I say to Cassava Smartech: shut EcoCash down tomorrow – by the weekend we will have a new government.