Ecocash Drags RBZ To Court For Blocking Its Agents

Zimbabwe’s largest mobile phone-based money transfer, financing and microfinancing service, Ecocash has dragged the Reserve of Bank (RBZ)to court after the central bank blocked Ecocash’s Agents for allegedly buying and selling foreign currency without permission from the bank.

Ecocash suggests that the central bank shut down some of its agents who trade above Z$100,000 per month.‬

RBZ recently released a list of Ecocash and OneMoney Agents which it said were allegedly participating in illegal buying and selling of the foreign currency.

The bank also ordered other banks and mobile money operators (NetOne’s One Money and Econet’s Ecocash) to freeze the accounts of the agents that were on the list.

The move was reportedly meant to stop the local currency from further losing value against other currencies, particularly the United States dollar.

 

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