Ecocash Urgent Court Application
Ecocash, the largest mobile money transfer in Zimbabwe, has launched an urgent court application this afternoon as it seeks to reverse the ban on cash in and cash out transaction by RBZ yesterday.
Cash in cash out transactions were banned yesterday following an outcry about high cash out fees which were being charged by agents.
Cassavasmarttech, the owners of Ecocash, realise that their billion dollar cash cow, is under serious threat without the ability for their 50,000+ Agent being able to operate and offer services.
This morning, Agent accounts were dis-enabled from allowing subscribers to Cash In, neither could an Agent Cash Out.
In recent weeks, ZACC as well as the Consumer Council of Zimbabwe came out guns blazing demanding that Ecocash take action against their errant Agents.
A day later Ecocash issued a press release announcing that they had suspended 4,000 Agent lines, due to this business ethic, or lack thereof. It seems that the RBZ felt that this action was not enough for them to look the other way.