Ecobank Issues Statement Disputing Alleged Diversion Of New Notes To The Streets {Full Text}

Media Statement by Ecobank Zimbabwe Limited

Harare, 19 November 2019 — Following the publication of a press release by Reserve Bank of Zimbabwe on pictures of notes circulating on social media, Ecobank Zimbabwe Limited wishes to advise that the Financial Intelligence Unit (FIU) conducted investigations into alleged diversion of cash to the parallel market.

The investigations by the FIU have shown that Ecobank complied with the regulatory processes in disbursing the ZW$15, 000 cash in question. This amount was intended for purposes of procuring milk from small-scale producers by a chest of the Bank.

Investigations are now centred on the client to ascertain if the funds were used for the indicated and intended purposes, and the existence of any criminal activity on the part of our client.

Ecobank is committed to consistently adhering to the highest standards of regulatory compliance and governance and will always co-operate fully with the regulatory authorities. We will continue to play our part in providing solutions that contribute to the stability of the economy.

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