DOMINANT mobile money service provider, EcoCash, says all of its agent and bulk payer lines have been suspended until further notice in compliance with the Reserve Bank of Zimbabwe (RBZ) directive.
While the directive also affects cash-in and cash-out services, other individual mobile transactions remain permissible as usual, said EcoCash in a public notice to its customers.
“Following communication from the Reserve Bank of Zimbabwe, please be advised that with immediate effect, the following changes apply;
“All agent and bulk payer lines are suspended. This, therefore, means that cash-in, cash-out services have been suspended until further notice.
“However, please be advised that, all other Ecocash services continue and are operational normally,” said the company, a subsidiary of Cassava Smartech and member of the Econet Zimbabwe group.
The monetary authority suspended all bulk mobile money agents, reinforcing Government’s directive to suspend mobile money transactions over concerns that the platforms were being abused by errant business players to influence runaway inflation through manipulating the exchange rate system.
The decision affects all mobile money platform providers who include EcoCash, NetOne’s One Money and Telecash. At the weekend, RBZ Governor Dr John Mangudya said all merchant transactions have been suspended except for receiving payments for goods and services as well as payment of utilities (water, power and airtime) but limited to $5 000 per day.
Government announced the suspension of cellphone-based money transactions on Friday, as investigations into allegations that they fuel black market transactions that. Dr Mangudya has explained that while the public will still be able to transact using mobile money platforms, agent and merchant line holders will now be mandated to liquidate the mobile money via the formal banking system.