ECOCASH Shut Down Over 1000 Agents For Charging Outside The System
Largest mobile phone-based money transfer, financing and microfinancing service, ECOCASH, has reportedly shut down over 1000 Agent lines over the past three months.
The decommissioned agents were reportedly charging customers outside the system.
Most Ecocash Agents had resorted to charging customers extra fees (over the regulated fees) for cashouts. Further, bond notes had a higher fee compared to coins.
This was revealed by Ecocash General Manager, Munyaradzi Nhamo, during an interview with 263Chat.
Nhamo further urged customers to report every agent charging outside the system. The number to dial is 114. He also said that customers were free to visit any nearest Ecocash office for assistance.
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Meanwhile, Agents have been arguing that they are in a dilemma since the cash they give their customers is bought from cash barons.
They also argue that their customers also rate their cash when they come to make cash-ins. For instance, a customer with a $2 note would demand that $2.3 be transferred into his or her account.
Agents would, in a bid to recover the $0.30, charge the next customer who comes for Cashout to pay that $0.30 or leave without cash.
Ecocash system does not charge more than 5% of a transaction.
This development comes when the country has a huge cash deficit. Banks have, for more than 24 months now, been giving very limited amounts of cash to clients.