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.