The RZB governor has said Econet should help the govt monitor and control Ecocash amid a cash crisis that saw Ecocash agents charging cash seekers close to 70% to get cash from them. The RBZ responded to the mayhem by banning cash-in and cash-out transactions which prompted Ecocash to go the legal route to redress the issue.
The RBZ governor was quoted by the Herald saying:
Econet should help us monitor and control the conduct of this segment of the financial services market because for Econet, this is their road (platform) and some roads need humps, others have traffic lights while others have detours; Econet must help us because this is their road
The ban on the transactions has however fueled steep cashout charges as reports are emerging that agents have hiked their charges and are now demanding 80% for coins and 100% for notes.
More: The Financial Gazette.
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