Govt 'Unaware' Of EcoCash Threats To Shut Down

The government has dismissed reports that Econet Wireless may be forced to temporarily shut down its mobile money division, EcoCash after the central bank ordered mobile money platforms to suspend cash in and cash-out transactions.

EcoCash’s concerns were revealed in its urgent chamber application at the High Court on Tuesday in bid to have the Reserve Bank of Zimbabwe (RBZ) directive overturned, but the Minister of Information, Communication Technology, Postal and Courier services, Kazembe Kazembe said he was not aware of that. He said:

As the government, we haven’t heard of any such development. If Econet threatens to shut down or want to shut they have to let us as the parent ministry know. So, as I speak, nothing have come from them all we hear is speculation.

On Monday, RBZ ordered all mobile money platforms, that is, EcoCash, TeleCash and OneMoney to suspend cash in and cash-out transactions.

The central bank said that some economic agents were engaging in illegal activities abusing the facilities thereby compromising the public interest objectives of national payment systems in the economy.

More: ZBC News