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EcoCash has announced that Zimswitch transactions are intermittent adding that technicians were working diligently to restore normal service as soon as possible.
In a statement seen by Pindula News, the mobile money transfer platform said all other EcoCash services, including banking services, send money, airtime, merchant and <a class=" MarkdownLink_linkifiedLink__KxC9G">bill payments</a>, and <a class=" MarkdownLink_linkifiedLink__KxC9G">domestic money transfer services</a> (cash in, cash out, send money, and airtime) are functioning normally. Reads the statement:
<blockquote>
Dear Valued Customer
Please note that Zimswitch transactions are intermittent. Our technical team is working to restore normal service at the earliest.
We apologise for any inconvenience caused.
All other EcoCash services are working normally (Banking services, Send money, Airtime, Merchant and Bill payments) and Domestic Money Transfer services (Cash in, Cash out, Send money and Airtime)
Every EcoCash Customer already has an active USD wallet.
</blockquote>
Zimswitch is a Zimbabwean company that provides <a class=" MarkdownLink_linkifiedLink__KxC9G">financial switching</a> and electronic payment processing services. It connects different banks and financial institutions, allowing them to exchange financial transactions with their customers. Zimswitch provides a platform for various <a class=" MarkdownLink_linkifiedLink__KxC9G">electronic payment systems</a>, including <a class=" MarkdownLink_linkifiedLink__KxC9G">ATMs</a>, point-of-sale (POS) devices, <a class=" MarkdownLink_linkifiedLink__KxC9G">mobile banking</a>, and Internet banking.
When a customer uses their debit or credit card at an <a class=" MarkdownLink_linkifiedLink__KxC9G">ATM</a> or <a class=" MarkdownLink_linkifiedLink__KxC9G">POS device</a>, for example, the transaction is processed through the Zimswitch network. The transaction is first sent to the customer&#8217;s bank, which then sends it to Zimswitch. Zimswitch then routes the transaction to the appropriate bank that holds the account of the merchant or recipient. This process ensures quick and seamless transfer of funds between different financial institutions in <a class=" MarkdownLink_linkifiedLink__KxC9G">Zimbabwe</a>.
The malfunctioning of <a class=" MarkdownLink_linkifiedLink__KxC9G">Zimswitch </a>can cause <a class=" MarkdownLink_linkifiedLink__KxC9G">transaction delays</a>, limited access to funds, and loss of revenue.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Pindula News

EcoCash Reports Intermittent Zimswitch Transactions, Technicians Working To Restore Service

<a href="https://www.pindula.co.zw/EcoCash">EcoCash</a>, a mobile money transfer facility which is run by <a href="https://www.pindula.co.zw/Econet_Wireless_Zimbabwe" title="Econet Wireless Zimbabwe">Econet Wireless Zimbabwe</a>, has partnered with Spar, a supermarket retail chain, for USD cash-in and cash-out services.
EcoCash chief operating officer Munyaradzi Nhamo confirmed the partnership, saying it will offer customer convenience to millions of EcoCash users. Nhamo told <a href="https://www.herald.co.zw/ecocash-partners-spar-for-usd-cash-in-and-cash-out-services/">The Herald</a>:
<blockquote>
We (EcoCash) are pleased to be partnering with Spar Zimbabwe, one of the country’s largest supermarket groups, to allow our customers the convenience to cash-in and cash-out while shopping in Spar supermarkets.
With a large retail network across the country, Spar Zimbabwe is an incredible partner for EcoCash, and we are excited about the opportunities this collaboration offers for our mutual customers.
</blockquote>
Spar Zimbabwe, is an established retail organisation with over 46 branches in Harare, Bulawayo and other major towns in the country. 
Mr Nhamo said the partnership will be a great addition to EcoCash’s remittance services. 
EcoCash previously partnered with some global partners, such as SasaiRemit, WorldRemit, Western Union and Remitly, among many others, to facilitate the remittance of foreign currency into Zimbabwe.
The EcoCash platform enables customers to send and receive money using their phones, buy airtime or data and pay for goods and services.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

EcoCash Partners With Spar For USD Cash-in, Cash-out Services

Below are August fees, and charges for Ecocash, Zimbabwe’s largest mobile phone-based money transfer, financing and microfinancing service.

<h2 data-fontsize="21" data-lineheight="33.8167px">Ecocash Fees</h2>

<ul>
<li>The 2% IMT tax now only applies to transactions above $500 ZWL</li>
<li>Transaction values are still capped at $5 000 ZWL</li>
<li>However, you can do up to 7 of these transactions per week</li>
<li>This means the weekly limit is $35 000 ZWL</li>
<li>Wallet to bank charges are below</li>
</ul>
<h2 data-fontsize="18" data-lineheight="25.2px">NB</h2>
<ul>
<li>Cash-in is FREE</li>
<li>Send Money Max $5 000 ZWL per transaction and $35 000 ZWL per week</li>
<li>Pay Merchant Max $5 000 ZWL per transaction</li>
<li>Transactions for less than $1 are FREE</li>
<li>Balance Inquiry $1.50 ZWL</li>
<li>Bank To Wallet is Free</li>
<li>Request Bank Balance $1.50 ZWL</li>
<li>Request Bank Statement $1.50 ZWL</li>
</ul>
<h2 data-fontsize="18" data-lineheight="25.2px">Bank To Wallet</h2>

<ul>
<li>Based on information ascertained by <a href="https://www.techzim.co.zw/2021/01/heres-how-much-your-bank-charges-you-to-do-a-bank-to-ecocash-wallet/">Techzim.</a></li>
</ul>
<h2 data-fontsize="18" data-lineheight="25.2px">Other charges and limits</h2>

<h2>Monthly And Daily Limits</h2>

More: <a href="https://www.techzim.co.zw/2021/01/heres-how-much-your-bank-charges-you-to-do-a-bank-to-ecocash-wallet/">Techzim</a>

Ecocash Calculator, Fees And Limits August

Mobile money transfer service EcoCash has for the umpteenth time warned its customers to be wary of fraudsters who illegally withdraw money from accounts without customers’ consent.
Ecocash dismissed claims that its system has been hacked and urged its customers not to give third parties their pin codes to prevent being robbed. It said in a statement on Monday:
<blockquote>Ecocash is aware of reports of fraud where unsuspecting Ecocash customers have lost money to criminals using false identities after they harvest customers’ mobile phone numbers from social media platforms such as WhatsApp.
Ecocash wishes to assure the public and our valued customers that the Ecocash system has not been hacked and remains safe and secure.
Ecocash urges customers to be vigilant against fraud by checking the identity of people they send money to and not sharing their Ecocash pin with anyone.</blockquote>
Ecocash urged customers to report suspected cases of fraud to the police or through their SMS helpline 0771222114 while customers can also visit their nearest Ecocash shops.
<h4>More: <a href="https://www.chronicle.co.zw/just-in-ecocash-fraudsters-on-the-prowl/" target="_blank" rel="noopener">Chronicle</a></h4>

EcoCash Warns Of Fraudsters, Assures Customers Its System Hasn't Been Hacked

Cassava Smartech has sent out a press release assuring customers that the EcoCash system has not been hacked. This follows reports that some users of the platform have <a href="https://www.techzim.co.zw/2021/04/us100-mil-ecocash-whatsapp-scam-doesnt-make-sense-heres-why/">lost money to scammers</a>.
Reads the release:
<blockquote>“EcoCash is aware of reports of fraud, where unsuspecting EcoCash customers have lost money to criminals using false identities after they harvest customers’ mobile phone numbers from social media platforms such as WhatsApp.
EcoCash wishes to assure the public and our valued customers that the EcoCash system has NOT been hacked and remains safe and secure.
EcoCash urges customers to be vigilant against fraud by checking the identity of people they send money to and by not sharing their EcoCash PIN with anyone.
EcoCash further urges customers to report all suspected cases of fraud to the police, to Ecocash through the EcoCash SMS helpline 0771 222 114, or to their nearest EcoCash channel partners.”</blockquote>
&nbsp;

FULL TEXT: " We Have Not Been Hacked" - EcoCash Speaks On Scam

EcoCash Zimbabwe, <a href="https://news.pindula.co.zw/2019/05/28/econet-subsidiary-targets-150-megawatts-solar-electricity-in-5-years/">a subsidiary of Econet Wireless</a> has announced that its EcoCash$ave has been temporarily suspended with effect from the 6th of March.
EcoCash said EcoCash$ave was suspended to allow for the migration to a new platform. Below is the notice:
<blockquote>Kindly be advised that EcoCash$ave has been suspended temporarily with effect from March 6, 2021 as work begins to migrate the service to a new platform and enhance the product features. The service will be re-introduced in the coming months.
In the meantime, Customer balances in the EcoCash$ave account have been transferred to the EcoCash$ave account holders&#8217; EcoCash wallet, to allow customers access to their funds during the transition.
Please note that only individual EcoCash$ave accounts have been suspended. EcoCash Savings Club accounts remain available.
We thank you for your support all along, and for your patience as we migrate and repackage the product. We sincerely regret the inconvenience this may cause.
For further enquiries, please dial 114 or SMS the word HELP to 0771 222 114</blockquote>
The EcoCash$ave account provided a paperless banking service via customers&#8217; mobile phone. It also provided customers with the convenience of moving money between their EcoCash Wallet and the EcoCash$ave free of charge.

Ecocash$ave Suspended With Effect From 6 March

Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) has warned members of the public against abusing mobile money platforms saying perpetrators will be brought to book.
The remarks were made by POTRAZ’s Director-General Dr Gift Machengete on the World Post Day Commemorations and launch of Gokwe Community Information Centre recently. He said:
<blockquote>Ladies and Gentlemen, let me conclude by saying that inasmuch as the diversity of technology has brought financial inclusion and convenience, I would like to warn all those unscrupulous elements who are conducting illicit activities using the various technologies available to desist from such as we will leave no stone unturned in bringing the culprits to book.
We applaud Government for the various steps taken to counter these nefarious activities, which were driving up the inflation rate in the economy and thus exposing consumers to various vulnerabilities. We will continue to work hand in glove with our colleague regulator, the RBZ to ensure that there is stability in our respective sectors.</blockquote>
His remarks come after the Reserve Bank of Zimbabwe has blocked all mobile money agents (Ecocash, OneMoney and Telecash) on allegations that they were fueling money laundering in the country.
Coincidentally, since the ban on mobile money agents, the foreign currency exchange rate has stabilised.
As Dr Machengete observed, however, a large sector of the Zimbabwean population is now financially excluded as they relied on mobile money platforms for financial transactions mainly because of their farness from financial institutions.
More: <a href="https://technomag.co.zw/potraz-warns-mobile-money-platform-abusers/" rel="noopener noreferrer" target="_blank">Technomag </a>

POTRAZ Warns Abusers Of Mobile Money Platforms

Ecocash, the largest mobile phone-based money transfer, financing and microfinancing service in Zimbabwe has reviewed up individual spending limits to ZWL$35 000.
The service provider announced the development in an SMS sent to its subscribers this Thursday. Reads the message:
<blockquote>Good News. EcoCash individual spending limit is now ZW$35,000 per week. You can use up this limit in 1 or more days. The limit per each transaction is ZW$5,000.</blockquote>
Subscribers have been complaining over the limits which they said were not in resonance with the economic developments in the country.
They cited the soaring inflation in the country as one of the factors that should have informed the review of spending limits.
The local currency has also since last year been losing value against the United States dollar making the spending limits unreasonable.

ECOCASH Reviews Weekly Spending Limits

Eddie Cross, a member of the Reserve Bank of Zimbabwe&#8217;s (RBZ) Monetary Policy Committee (MPC) has attempted to shed light on why authorities cracked down on Cassava Smartech&#8217;s EcoCash.
Cross told OpenParly that in February the central bank discovered that EcoCash, by far the country’s largest mobile money operator, was turning over three times the amount that all the commercial banks in the country, combined, were turning over.
The former MDC legislator said the main purpose of Ecocash was to handle relatively small transactions but had gone rogue and was running a Ponzi Scheme.
Cross said the RBZ had to take draconian measures and ask the company to shut all agent lines and cap daily transactions to just $5 000 per day.
The central bank accused EcoCash agents of buying foreign currency on the black market resulting in the precipitous fall in the value of the Zimbabwe dollar. Said Cross:
<blockquote>When we intervened the black market rate had gone down to 200:1. Ecocash has gotta play ball. They have gotta start behaving responsibly. They are not to use themselves for this kind of speculative Ponzi schemes. They were printing money. They were giving credit, on an unlimited basis to their agents. You can’t do that.</blockquote>
Following the crackdown on mobile money transactions and the introduction of a foreign currency auction system by the RBZ, the Zimbabwe dollar has stabilised against the United States dollar.
<h4>More: Insider</h4>

EcoCash Brought It Upon Themselves - Eddie Cross

The daily individual limit of $5 000 for mobile money transactions recently imposed by the Reserve Bank of Zimbabwe (RBZ), will not affect business operations but only about 200 people who were abusing the system by using the platforms to buy foreign currency, thus fuelling black market foreign currency exchange rates.
This was said by Eddie Cross, a member of the Monetary Policy Committee. Cross revealed that the daily limit can be revealed once the situation settles down. He said:
<blockquote>In the past 12 months, EcoCash handled 1 938 billion transactions worth $225 billion dollars — an average transaction of $116. This means that the limit of $5 000 should cover the great majority of transactions.
Once the situation settles down, this limit can be reviewed, but the authorities had to limit the capacity of the system to transact in buying foreign exchange.
This they were doing through their agents funded by cash transferred to them by their bulk payers system.
This affected only 200 or so clients and was being abused. While the measures taken will affect their agents, their clients should not be disadvantaged to any extent.</blockquote>
On Wednesday, EcoCash, the dominant mobile money platform, announced that it was implementing the daily limit of $5 000 imposed by the central bank.
<h4>More: <a href="https://www.herald.co.zw/ecocash-daily-limits-to-entrench-stability/" target="_blank" rel="noopener noreferrer">The Herald</a></h4>

Daily Individual EcoCash Limit Won't Affect Business - Eddie Cross

Finance Minister Professor Mthuli Ncube has said that the Zimbabwean Stock Exchange (ZSE) will be reopened next week.
He also observed that some big companies on the market, Old Mutual, PPC Zimbabwe and Seed Co. will be excluded from the market &#8220;for the time being&#8221;.
In a statement, Old Mutual said they were engaging authorities to ensure that Old Mutual is reinstated on the market. Read the statement emailed to ZBC News:
<blockquote>We are working with the authorities to explore ways to handle the listing of OML so that the OMIR does not continue to create the concerns raised in the recent past.
Old Mutual supports the stability and development of the economies where it operates.</blockquote>
The ZSE was suspended on June 28 together with mobile money platforms &#8211; Econet&#8217;s Ecocash, NetOne&#8217;s One Money and Telecel&#8217;s Telecash amid reports that the platforms were fuelling illegal foreign currency dealing in the country.
The parallel market was being accused of contributing to the rapid depreciation of the Zimbabwe dollar that was reintroduced last year.
More: <a href="https://www.zbcnews.co.zw/stock-market-to-reopen-next-week-without-old-mutual/" target="_blank" rel="noopener noreferrer">ZBC News</a>
&nbsp;
&nbsp;

Zimbabwe Stock Exchange To Reopen Next Week Though Without Some Companies

President Emmerson Mnangagwa has picked a fight with the country’s most successful businessman, United Kingdom-based billionaire Strive Masiyiwa.
Mnangagwa’s administration on June 27 restricted almost all mobile-money transactions in a country where 90% of commerce is conducted on phones because of cash shortages.
Masiyiwa founded and controls Econet Wireless Zimbabwe Ltd., which dominates mobile-cash transfers. On July 17, the police accused the company of money laundering.
Econet’s mobile-money unit Ecocash has 11.4 million customers and a 98% share of the market.
It is a platform used for everything from buying household furniture to buying groceries in supermarkets and paying utility bills.
Ecocash is one of the companies described by Mnangagwa as “wolves in sheep’s clothing” when he warned June 24 that the “end is coming” for private companies he accused of weakening the Zimbabwe dollar.
The Zimbabwe dollar was valued at 100 per U.S. dollar on the black market – four times above a currency peg of 25 to the greenback that ended in June – at about the time of the mobile money transfer restrictions.
However, a complete shutdown of Ecocash could have dire consequences for the economy. About 7 million transactions from 2 million users were handled daily on its platform before the shutdown.
Econet has denied the money-laundering allegations. The accusations against the company are a pretext for a bolder move, Econet Chief Executive Officer Douglas Mboweni said in court filings.
Mboweni said it appears that there is an agenda to destroy Econet and remove it from its market leadership position to the benefit of state-owned NetOne.
<h4>More: <a href="https://www.bnnbloomberg.ca/zimbabwe-president-picks-fight-with-tycoon-over-economy-crash-1.1469515" rel="noopener noreferrer" target="_blank">Bloomberg</a></h4>

Mnangagwa Picks Fight With Strive Masiyiwa Over Economy Crash - Bloomberg

The suspension of EcoCash bulk transactions and the restriction of Ecocash transactions by the Reserve Bank of Zimbabwe (RBZ) has resulted in reduced business for retailers, analysts have observed.
Last month RBZ Governor John Mangudya announced a raft of measures, including imposing a ZW$5 000 daily limit on mobile money merchant payments.
President of the Confederation of Zimbabwe Retailers Denford Mutashu said that most supermarkets were currently witnessing reduced business since the RBZ introduced the new measures.
A hardware shop owner in Bulawayo, Tafadzwa Makoni, told Technomag that putting a cap on mobile money transaction was an ill-thought move which has forced retailers to charge for goods in foreign currency. He said:
<blockquote>It doesn’t make sense for the authorities to put a ZW$5 000 limit on mobile transactions when the price of goods and services are going up on a weekly basis.
We are now being forced to charge for our goods in foreign currency, which is a bit unfair for most people who earn Zim dollars.</blockquote>
Chris Mugaga, the Zimbabwe National Chamber of Commerce (ZNCC) chief executive, said the Ecocash limits are affecting business.
Chairman of Zimbabwe Cotton Producers and Marketers Association, Stewart Mubonderi, said farmers are finding it difficult to access their money. He said:
<blockquote>The timing is bad especially for the thousands of cotton farmers who have worked so hard but can’t get their money.</blockquote>
<h4>More: <a href="https://technomag.co.zw/2020/07/ecocash-limits-derails-retailers-hardware-shops/" target="_blank" rel="noopener noreferrer">Technomag</a></h4>

Retailers Hurt By Ecocash Transaction Limits

Techzim has published the following video which explains how the move by the RBZ to make Zimswitch the national payments switch will affect Ecocash, OneMoney and all their subscribers.
Watch the video below:
<div style="width: 400px;" class="wp-video">
<video class="wp-video-shortcode" id="video-173601-1" width="400" height="224" preload="metadata" controls="controls"><source type="video/mp4" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2020/07/Zimswitch-national-switch.mp4?_=1" /><a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2020/07/Zimswitch-national-switch.mp4">https://t792ae.c2.acecdn.net/wp-content/uploads/2020/07/Zimswitch-national-switch.mp4</a></video></div>

EXPLAINER: Ecocash Has Been Integrated With Zimswitch, What Does It Mean?

Ecocash has published the following schedule that shows the transaction limits for transacting using EcoCash. This comes after the government suspended some transactions on mobile money platforms as they said they wanted to investigate illegal activities taking place on those platforms.
<img decoding="async" loading="lazy" class="aligncenter wp-image-172250 size-full" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2020/06/EcoCash.jpeg" alt="" width="872" height="1024" srcset="https://news.pindula.co.zw/wp-content/uploads/2020/06/EcoCash.jpeg 872w, https://news.pindula.co.zw/wp-content/uploads/2020/06/EcoCash-255x300.jpeg 255w, https://news.pindula.co.zw/wp-content/uploads/2020/06/EcoCash-768x902.jpeg 768w" sizes="(max-width: 872px) 100vw, 872px" />

PICTURE: Know Your EcoCash Transaction Limit

Reserve Bank of Zimbabwe governor John Panonetsa Mangudya said mobile money platforms such as EcoCash, Telecash and OneMoney will continue operating normally, albeit with some transactions suspended.
In a statement, Mangudya said all mobile money agents are suspended from facilitating cash-in and cash-out transactions and all merchant transactions are suspended except for receiving payments for goods and services as well as payment of utilities.
The statement reads:
<blockquote>Following the Government Press Release on the Suspension of Monetary Transactions on Mobile Based Money Platforms (One Money, MyCash, Ecocash and Telecash) dated 26 June 2020, the Reserve Bank of Zimbabwe (the Bank) wishes to advise the public as follows:
a) All mobile money agents are suspended from facilitating mobile financial transactions with immediate effect.
b) All merchant transactions are suspended except for receiving payments for goods and services as well as payment of utilities (water, power and airtime), which have been limited up to ZW$5000 per day for the 
convenience of the transacting public.
c) All mobile money liquidations should be done through the banking system.
d) All bulk payer transactions have been suspended with immediate effect.
These unprecedented measures have been necessitated by the need to protect consumers on mobile money platforms which have been abused by unscrupulous and nonpartisan individuals and entities to create instability and inefficiencies in the economy.
Members of the public are assured that their bonafide transactions will be processed normally.
Reserve Bank of Zimbabwe</blockquote>

RBZ Reverses Suspension of EcoCash, OneMoney. Imposes New Limits

Mobile money platform Telecash has ignored the government’s directive to suspend phone-based transactions until such a time authorities permit them to resume operations.
On Friday night the Information Ministry permanent secretary Nick Mangwana announced that mobile money companies should suspend their operations with immediate effect.
But in a statement on Saturday afternoon, state-owned telecommunications company Telecel advised its clients that Telecash was still operating as usual. The statement read:
<blockquote>To our valued customers
Please be advised that the Telecash mobile money service is operating as normal.
For all inquiries SMS or send a WhatsApp message to 0732150150. Call 150 for any inquiries.
Telecel</blockquote>
Earlier on Saturday, OneMoney, operated by State-owned Mobile Network Operator (MNO) NetOne, assured its subscribers that its services are still operating normally.
Cassava Smartech’s EcoCash which controls 94 per cent of the mobile money market, also its subscribers to remain calm and continue transacting as they wait for further instruction from their service provider.

Telecash Follows EcoCash, NetOne In Ignoring Mobile Money Ban

<blockquote>The MDC Alliance is concerned by the government&#8217;s unlawful decree issued on Friday 26 June 2020 by the Permanent Secretary for Information, Publicity and Broadcasting Services banning mobile money operations and suspending trading on the Zimbabwe Stock Exchange.
This is an arbitrary measure that violates the rule of law, due process and basic principles of administrative law.
The Permanent Secretary does not have the authority to issue such a ban on regulated entities, which authority is held by the Reserve Bank of Zimbabwe and the securities regulator. None of these authorities has backed the decree.
Indeed, we expect statements of such gravity on economic matters to come from competent authorities that are mandated by law to manage monetary policy.
Their silence indicates dissonance with the regime which points to dysfunctionality which has characterized state operations in recent months.
At a practical level, the ban will have serious and negative implications on the day-to-day lives of the people, in both urban and rural areas.
More than 90% of daily transactions in our retail economy are conducted through mobile money platforms.
Mobile money platforms are inclusive and have brought in the previously unbanked rural population.
The arbitrary measure affects millions of Zimbabweans who rely on mobile money services at a time when there are serious cash shortages. Shutting it down arbitrarily is a gross violation of people&#8217;s way of life.
The MDC Alliance is also concerned at the impact of this arbitrary measure on investment in the country.
The country already has a negative image among foreign investors. Shutting down the ZSE arbitrarily not only affects the economy to others on the market but violates property rights. Capital does not stay where it is unsafe.
It is grossly irrational for a government that claims to be open for business to arbitrarily shut down the country&#8217;s stock market unilaterally.
As the MDC Alliance, we believe in the rule of law, the protection of property rights and due process.
We demand the immediate reversal of this unlawful decree.</blockquote>

MDC Alliance Statement On The Suspension Of Mobile Money Operations & ZSE {Full Text}

Mobile money platform OneMoney, operated by State-owned Mobile Network Operator (MNO) NetOne, has assured its subscribers that its services are still operating normally.
In a public notice issued this Saturday, OneMoney said:
<blockquote>Dear valued customer, We would like to advise that OneMoney services are still operating normally.</blockquote>
This comes after Information Ministry permanent secretary Ndavaningi Mangwana issued a statement on Friday, announcing that the government has banned phone-based financial transactions.
Meanwhile, Cassava Smartech&#8217;s EcoCash which controls 94 per cent of the mobile money market, has urged its subscribers to remain calm and continue transacting as they wait for further instruction from their service provider.
In a statement released earlier this Saturday, EcoCash said it is regulated by the Reserve Bank of Zimbabwe and would naturally expect a directive of that nature and significance to be communicated by the Reserve Bank of Zimbabwe.

'Our Services Are Still Operating Normally', OneMoney To Subscribers

Ecocash has issued the following statement in which it urged its subscribers to remain calm and continue transacting as they wait for further instruction from their service provider. The statement reads:
<blockquote>
CUSTOMER NOTICE 
Dear Valued Customers,
We are aware of a statement purporting to have been issued by the Secretary for Information, Publicity and Broadcasting Services that purports to ban all mobile money transactions.
However, EcoCash is regulated by the Reserve Bank of Zimbabwe and would naturally expect a directive of that nature and significance to be communicated by the Reserve Bank of Zimbabwe.
We urge all Ecocash users who exceed 10 million Zimbabweans, the majority of whom do not have bank accounts, to remain calm and to continue to do your lawful transactions as usual. Should there be any changes, we shall give you adequate notice as required by law.
DIAL *151# 
Live life the EcoCash way 
Cassava</blockquote>
Yesterday <a href="https://news.pindula.co.zw/2020/06/26/picture-ecocash-dismisses-social-media-reports-that-something-big-is-about-to-happen-to-their-platform/">EcoCash dismissed rumours circulating that the RBZ was going to suspend their platform</a> a few hours before the permanent secretary for information announced that all mobile money platforms were suspended.
<img decoding="async" loading="lazy" class="wp-image-171792 size-full aligncenter" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2020/06/Ecocash-statement-on-Suspension.jpeg" alt="" width="526" height="743" srcset="https://news.pindula.co.zw/wp-content/uploads/2020/06/Ecocash-statement-on-Suspension.jpeg 526w, https://news.pindula.co.zw/wp-content/uploads/2020/06/Ecocash-statement-on-Suspension-212x300.jpeg 212w" sizes="(max-width: 526px) 100vw, 526px" />

FULL TEXT: Remain Calm - EcoCash To Subscribers

Following a statement by the Permanent Secretary in the Ministry of Information, Publicity and Broadcasting Services, Ndavaningi Mangwana, announcing the suspension of phone-based mobile money platforms, Zimbabweans have taken to Twitter to express their views on the development.
Below are some of the comments gleaned from the microblogging site:
<blockquote><a href="https://twitter.com/happ_zenge/status/1276562685908471808" target="_blank" rel="noopener noreferrer">Happi Zengeni:</a> Oh oh&#8230; And so it starts
<a href="https://twitter.com/ShingiMunyeza/status/1276583285108494348" target="_blank" rel="noopener noreferrer">Shingi Munyeza:</a> DOLLARIZATION NOW FULLY IMPLEMENTED 1. This happens when your only tool available is a hammer 2. It&#8217;s a situation when the image in the mirror is unpleasant, then you break the mirror 3. It’s the kettle calling the pot black “THE SITUATION IN THE COUNTRY HAS REACHED ANOTHER LEVEL”
<a href="https://twitter.com/BitiTendai/status/1276585702248103937" target="_blank" rel="noopener noreferrer">Tendai Biti:</a> Pure rank madness by a deranged paranoid clueless regime !!! The worst government in the history of governments!
<a href="https://twitter.com/begottensun/status/1276586986682437645" target="_blank" rel="noopener noreferrer">Kuda Freshinabox.co.zw:</a> These lying frauds let us all transact with Ecocash knowing that we would be frozen.
<a href="https://twitter.com/ali_naka/status/1276585227859693570" target="_blank" rel="noopener noreferrer">Ali Naka</a>: Dear Mthuli Ncube and George Guvamatanga! Aren’t you supposed to be issuing these statements?
<a href="https://twitter.com/MakomboreroH/status/1276580178068672513" target="_blank" rel="noopener noreferrer">Makomborero Haruzivishe:</a> Strive Masiyiwa: &#8220;ED is sincere.&#8221; Zimbabweans: &#8220;Masiyiwa stop getting cosy with ZanuPf.&#8221; ED&#8217;s ZanuPf: &#8220;Ban Ecocash!&#8221; This comrades, coupled with recent political happenings now requires fewer press statements &amp; more street action statements!
<a href="https://twitter.com/advocatemahere/status/1276583812475035649" target="_blank" rel="noopener noreferrer">Fadzayi Mahere:</a> This statement has no force of law in any case. Without the backing of a valid legal instrument, it&#8217;s hot air. That said, if it&#8217;s a foreboding of what&#8217;s to come, your Govt will have shown yet again a huge capacity to destroy property rights. You cannot be trusted with anything.
<a href="https://twitter.com/daddyhope/status/1276570154281861121" target="_blank" rel="noopener noreferrer">Hopewell Chin&#8217;ono:</a> More drama as mobile money transactions are suspended immediately as Mnangagwa’s regime attempts to control the exchange rate! This will simply stop the economy from working. The regime should implement Political Reforms that will fix the economy through production, not this!
<a href="https://twitter.com/Wamagaisa/status/1276581894142951424" target="_blank" rel="noopener noreferrer">Alex Magaisa:</a> The Mnangagwa regime has issued a decree banning the use of mobile money &amp; the stock market. A garrulous statement by Secretary Mangwana reads like a criminal charge-sheet. It’s thrown the kitchen sink at mobile money companies with EcoCash as the principal target.
<a href="https://twitter.com/ProfJNMoyo/status/1276572516425793537?s=20" target="_blank" rel="noopener noreferrer">Jonathan Moyo:</a> Information secretary @nickmangwana has issued a rambling &amp; politicidal statement that Mnangagwa&#8217;s administration has suspended mobile phone based monetary transactions. That the emotional statement has come from @nickmangwana &amp; not monetary authorities shows its desperate times!
<a href="https://twitter.com/dsundire/status/1276589157486342144?s=20" target="_blank" rel="noopener noreferrer">Uncle D:</a> Mobile money is not the cause of inflation. Remember Ecocash was not yet launched when inflation hit reached more than 10 000 000% in 2008. Disastrous political and economic policies, financial imprudence and corruption are to blame for all this.
<a href="https://twitter.com/prosmoon/status/1276576755126538241?s=20" target="_blank" rel="noopener noreferrer">Prosper Mwedzi:</a> So the gvt thinks that apart from basic commodities queues they want to also add cash queues in the middle of a global pandemic. Who actually sits down to think about these policies-this gvt has run out of ideas and public will eventually run out of patience.</blockquote>

Zimbabweans React To The Suspension Of EcoCash, OneMoney & TeleCash

<blockquote>Government has, with immediate effect, undertaken a series of prudent and coordinated interventions to deal with malpractices, criminality and economic sabotage perpetrated by the &#8220;wolves in sheep skins amongst our population&#8221; that His Excellency the President alluded to during his official address on the occasion of the Hero&#8217;s burial of Cde Stanley Nleya (Gagisa) at the National Shrine.
These measures include the suspension of all monetary transactions on phone-based mobile money platforms in order to facilitate intrusive investigations, leading to the arrest and prosecution of offenders.
Concurrently, the measures will also include the suspension of all trading on the Zimbabwe Stock Exchange.
These measures are to subsist until such time that the mobile money platforms have been reformed to their original purpose and all the current phantom rates of exchange have converged into one genuine rate that is determined by market forces under the Foreign Currency Auction System which was launched by the Reserve Bank of Zimbabwe on 23rd June 2020.
Operational modalities and details of the envisaged measures are going to be announced by the relevant monetary, regulatory and law enforcement authorities in the next few days.
Government will concurrently ensure that prudent measures are also put in place to mitigate and prevent any collateral damage that these interventions may cause to the innocent transacting public who were using these platforms.
Government is in possession of impeccable intelligence which constitutes a prima facie case whereby the phone-based mobile money systems of Zimbabwe are conspiring, with the help of the Zimbabwe Stock Exchange, either deliberately or inadvertently, in illicit activities that are sabotaging the economy.
These activities include: &#8211;
a) Illegal externalization of foreign currency through transfer mispricing;
b) Acting as banks outside the purpose for which they were originally licensed, as non-banking financial institutions. This includes, in the particular case of Ecocash, holding well in excess of ZWL$8 billion distributed across just over 501 000 agent/merchant lines as lat 10 June 2020, which is not under the scrutiny of the Financial Intelligence Unit;
c) Fraudulently creating and issuing non-attributable and non-auditable agent cellphone lines/accounts;
d) Hiding irreconcilable accounts in suspense accounts which hold huge credit balances for unjustifiably long periods;
e) Ecocash, in particular, is acting as the centre pivot of the galloping black market foreign exchange rate and therefore, fuelling the incessant price hikes of goods and services that are bedevilling the economy and causing untold hardship to the people of Zimbabwe.
In this regard, it has been conspiring with big merchants to act as their conduit through which they transfer hundreds of millions of dollars per day to runners on the street who then buy US Dollars on their behalf;
f) Rampant, often arrogant, non-compliance with directives issued by the Reserve Bank of Zimbabwe and the Financial Intelligence Unit;
g) Facilitating illicit trade in notes and coins, at contrived rates of between 30% and 50%, thus causing artificial shortages of the same within the banking system;
h) Criminally allowing agent lines that were banned by the RBZ to continue trading illegally;
i) Using bulk airtime sales at discounted prices which are cross rated to phantom USD exchange rates, which further distort the Zimbabwe market and deliberately mop up US Dollars from the black market, thus forcing up the rate of exchange in a manner that has hitherto been difficult to explain for 
the monetary authorities;
j) Engaging in rampant unchecked tax evasion;
k) Failure to report suspicious transactions or to take action against them;
l) Creation of illegal transient and permanent money through airtime loans, unaccounted wallet-to-bank and bank-to-wallet transactions and other malpractices;
m) Maintaining unauditable mobile phone lines or accounts which are being used by criminal syndicates, in connivance with insiders, to steal money from subscribers through such fraudulent practices as teeming and lading;
n) Acting as conduits for the circulation of counterfeit USD notes; and
o) Facilitating criminal activities through the non-enforcement of KYC requirements; and
Ecocash, OneMoney, Telecash and MyCash Mobile Money platforms are all complicit in these illicit activities in varying degrees. Ecocash, however, which controls nearly 94% of all mobile money transactions, is the centre pivot of this problem and its resultant impact on Zimbabwe&#8217;s economy.
The impact is exacerbated by the existence of fake counters on the Zimbabwe Stock Exchange, which is epitomized by the so-called Old Mutual Implied Exchange Rate (OMIR). This, in turn, results in four or more US: ZWL parallel market exchange rates operating in the market.
At any time, therefore, there is the official rate, an Ecocash rate, a OneMoney rate and the OMIR among others. As the RBZ Governor aptly observed recently, there are multiple contrived phantom exchange rates in use in the Zimbabwe Economy, which conspire to defeat fiscal policy.
Statement issued by 
N Mangwana 
Secretary for Information, Publicity and Broadcasting Services</blockquote>

Govt Suspends EcoCash, OneMoney With Immediate Effect {Full Text}

<blockquote>EcoCash has unveiled an online self-service portal which allows its agents, merchants, billers, bulk payers and payroll channel partners to submit their applications online without the need to physically visit Econet shops or offices to be served.
The self-service portal, which is open to existing and prospective channel partners, allows them to register on an online portal, submit their details and track their applications.
“EcoCash channel partners will simply need to log into <a href="http://partnerapplications.ecocash.co.zw">http://partnerapplications.ecocash.co.zw</a> and enter their details and upload all their relevant KYC (know-your-customer) documents. Their application will then be processed online. Channel partners can also track their applications and receive SMS notifications on the progress of their applications,” said EcoCash CEO Ms Natalie Jabangwe as she announced the service yesterday.
She encouraged all channel partners – including corporates, small-to-medium enterprises, schools, government institutions and NGOs – to come on board and enjoy the convenience.
“The goal is to on-board as many channel partners as we can, virtually. We are aware that the COVID-19 pandemic has brought about various challenges to businesses in the country, limiting the mobility of our channel partners.
“Through this self-service portal, our channel partners can do everything from their home or offices without the need to take physical applications to our shops. The relevant approvals for all applications will also be done virtually, which makes the process better and simpler, and much quicker than before” Ms Jabangwe said.
She said demand in the EcoCash channel partner services had been high in the recent past more as more of their partners re-imagined how to do business during the COVID-19 crisis.
“As a digital business we continue to innovate around how we can continue to serve our customers around the clock and this self-service portal is a step forward in promoting social distancing across all our outlets,” Ms Jabangwe said.
She urged all interested EcoCash channel partners to sign up and enjoy seamless online service through the self-service portal.
END/
&nbsp;</blockquote>

FULL TEXT: EcoCash Unveils Online Self-Service Portal For Agents, Merchants & Other Channel Partners

The Reserve Bank of Zimbabwe&#8217;s Financial Intelligence Unit is charging EcoCash CEO Natalie Jabangwe and Ecocash Director Eddie Chibi using the Money Laundering Act, accusing them of incompetence and unprofessionalism.
Read the full text of the charges below:
<blockquote>Notice of Intention to impose administrative penalties for AML/CFT violations in terms of Section 5 of the Money Laundering and Proceeds of Crime Act (Chapter 9:24 as read with FIU&#8217;s AML/CFT Directive No. 2 of 2014, dated 8 July 2014
OVERVIEW
We write to advise you of the Financial Intelligence Unit (FIU)&#8217;s intention to penalize:
(a) Ecocash (Private) Limited (Ecocash); 
(b) Natalie Jabangwe, Ecocash Chief Executive Officer, and 
(c) Eddie Chibi, Ecocash Director, in terms of section 5 of the Money Laundering and Proceeds of Crime Act (Chapter 9:24] (the Act), for failure to comply with obligations imposed on financial institutions and their officers, employees, directors and agents.
Ecocash&#8217;s failure to carry out its obligations in terms of the Act is directly attributable to the incompetence, ineptitude and unprofessionalism in the execution of duty by its management and directors, more particularly Natalie Jabangwe, the Chief Executive Officer, and Eddie Chibi, a director who plays a prominent role in the day to day operations of Ecocash.
Natalie Jabangwe and Eddie Chibi are, therefore herein charged in their individual capacities, jointly and severally with Ecocash, on all charges.
1. Failure to comply with any mandatory requirement of a circular, directive or guideline issued in terms of the Act (Item 26 of Table of Civil Infringements. AML/CFT Directive No. 2 of 2014)
1.1. On 4 May 2020, the FIU issued and served a directive on Ecocash titled &#8220;Suspension and Re-Registration of all Ecocash Agent Accounts with Transaction Limits of above ZW$100,000&#8220;.
1.2. This was after the FIU had noted the ongoing abuse of Ecocash agent lines for foreign currency parallel market activities, which Ecocash had failed to curb, despite persistent engagement and requests by the FIU. The FIU had noted that transactions of substantial value were being undertaken as between agent-to-agent, with no visible lawful purpose nor underlying business rationale.
1.3. Among other things, the directive required Ecocash to &#8211;
(a) suspend and freeze the accounts of all Ecocash agents with transaction limits above ZW$100,000 per month, and 
(b) commence a re-licensing and KYC enhancement exercise in respect of the suspended agents.
1.4. Ecocash defied the directive by failing, refusing or neglecting to suspend and freeze the accounts of the high-threshold agents that fell under the categories referred to by Ecocash as &#8220;bulk-payers.&#8221;
1.5. Ecocash&#8217;s brazen defiance of a regulatory directive calls into question the suitability of Natalie Jabangwe and Eddie Chibi to hold prominent positions in a financial institution of the size and status of Ecocash, or, for that matter, any regulated financial institution.
2. Failure to comply with any obligation relating to customer identification and /or verification (Item 2 of Table of Civil Infringements, AML/CFT Directive No. 2 of 2014)
Alternatively,
Failure to maintain books and records as required under section 24 of the Act (Item 2 of Table of Civil Infringements, AML/CFT Directive No. 2 of 2014)
Alternatively,
Failure to timely avail to the FIU, upon request, books and records referred to in section 24 of the Act or any information contained therein (Item 14 of Table of Civil Infringements, AML/CFT Directive No. 2 of 2014)
2.1. On 1 May 2020, the FIU issued and served a directive on Ecocash titled &#8220;Directive to Freeze Accounts of Ecocash Agents Suspected of Involvement in Money Laundering and Illicit Transactions.&#8221; 
2.2. The directive required Ecocash to freeze the accounts of 96 agents (listed under Annexure 1), each of whom the FIU had noted to have moved millions of Zimbabwe dollars during the 7-day period from 22 &#8211; 28 April 2020, whereby the transactions inconsistent with the purpose for which the agents were licenced and also inconsistent with the nature and size of their respective businesses.
2.3. The transactions, mostly by agents referred to by Ecocash as &#8220;bulk-payers&#8221; had no visible lawful purpose or underlying legitimate business rationale. The high value, hyperactivity in the accounts of the listed agents, were all the more suspicious in the context of the national lockdown when most legitimate businesses were closed and financial activities were expected to be low; 
2.4. Among other things, the directive required Ecocash to furnish the FIU, on or before 3 May 2020, with KYC information in respect of each customer including: 
(a) Business address; 
(b)List of the directors; 
(c) Name and contact details of the CEO/MD; 
(d) List of the shareholders; 
(e) List of the Ultimate Beneficial owners; and 
(f) Nature of business and source of funds of each entity.
2.5. Contrary to the requirements of the directive, Ecocash and/or its management and directors, for no lawful reason, failed to comply with the requirement to provide the information referred to in 2.4 above, until after close of business on 15 May 2020, when Ecocash provided information falling far short of what was requested. In many respects, the information eventually provided was incomplete and contained glaring errors, by design or otherwise. See Annexure &#8220;2&#8221;.
2.6. Even after taking two weeks to run around and put together some information, Ecocash still could not provide names of a CEO/MD even of one agent, nor the list of directors, list of shareholders and ultimate beneficial owners as requested by the FIU and as required by law. Although Ecocash, in the end, provided purported business addresses for some of the agents, in most cases the addresses were incomplete or patently false/fictitious.
2.7. Ecocash&#8217;s failures in this regard point to the fact that it did not collect and maintain customer identification and identity verification information and other KYC data as required under sections 15 &#8211; 18 of the Act, only started running around after being served with the directive.
2.8. If Ecocash had collected and maintained the KYC information as required by law, when opening an account, which is not borne by the above facts, then it should explain why it failed to avail such information timely, when requested by the FIU.
3. Failure to report a suspicious transaction as required in terms of section 30 of the Act: (Item 21 of Table of Civil Infringements, AML/CFT Directive No. 2 of 2014)
3.1. During the period from 22 to 28 April 2020, Ecocash agents listed in the first column of Annexure 1, bearing agent numbers are shown in the third column, conducted transactions in amounts specified the fifth column.
3.2. The transactions were suspicious and ought to have been reported to the FIU promptly, and in any case within 72 hours, as mandated by section 30(1) of the Act. Failure to report the transactions as required, is not only a criminal offence, in terms of section 30(1) of the Act, but also amounts to an administrative infringement in terms AML/CFT Directive No. 2 of 2014, item 21.
3.3. The transactions referred to above, as detailed under Annexure 1 were suspicious for one or more or all of the following reasons &#8211;
<ul>
<li>Each agent conducted transactions of very high value in relation to their size and nature of business, with cumulative figures ranging between ZW$1,1910,068 to ZW$9,999,973 in a space of seven days.</li>
<li>All the agents are obscure entities, therefore registering such high turnover in a matter of days ought to have roused Ecocash&#8217;s suspicions;</li>
<li>The high turnover of transactions occurred when the country was under national lockdown when most legitimate businesses were closed. Ecocash thus ought to have been suspicious of the hyper-active transactional behaviour of the agents during such a period;</li>
<li>Ecocash did not have adequate KYC data of the entities to support a reasonable belief that the entities could legitimately transact such high volumes and high values in such a short period;</li>
</ul>
3.4. Contrary to its legal obligation to report suspicious transactions, Ecocash did not report any of the highly suspicious transactions as summarised in Annexure 1.
4. Disclosing to a customer or to a third party that a suspicious transaction report has been, is being, or will be submitted to the Unit: (Item 24 of Table of Civil Infringements, AML/CFT Directive No. 2 of 2014)
4.1. Section 31(2) of the Act prohibits a financial institution or any of its director, partner, officer, principal or employee, from disclosing to its customer or to a third party the fact that the financial institution has filed a suspicious transaction report to the FIU. The provision reads:
&#8220;(2) No financial institution or designated non-financial business or profession, nor any director, partner, officer, principal or employee thereof, shall disclose to any of their customers or a third party that a report or any other information concerning suspected money laundering or financing of terrorism will be, is being or has been submitted to the Unit, or that a money laundering or financing of terrorism investigation is being or has been carried out, except in the circumstances set forth in subsection (3) or when otherwise required by law to do so.
4.2. This prohibition is one of the basic rules of financial intelligence which every financial institution and all its employees, let alone senior officers, ought to be aware of. Breach thereof is not only an administrative violation in terms of AML/CFT Directive No. 2 of 2014, but it is also a serious criminal offence in terms of section 34 of the Act, which reads in relevant part &#8211; 
&#8220;Any person who intentionally or by gross negligence
(a) &#8230; or 
(b) &#8230; or 
(c) discloses to a customer or third party information in contravention of section 31 (2); shall be guilty of an offence and liable to a fine not exceeding one hundred thousand dollars (US $100 000) or to imprisonment for a period not exceeding three years, or both such fine and such imprisonment.
4.3. Contrary to the law, on or about 6 May 2020, Ecocash Director Eddie Chibi, deposed to an affidavit in support of a court application filed by Ecocash against the Reserve Bank of Zimbabwe.
4.4. In his affidavit and by way of attachments thereto, Chibi intentionally or recklessly gave details of a number of suspicious transactions that Ecocash alleged it had filed with the FIU. The affidavit and annexures were filed with the courts and also published in online publications and/or social media.
4.5. Chibi&#8217;s actions, whether deliberate, reckless or in ignorance of his and Ecocash&#8217;s legal obligations, amounted, not only to an administrative violation but also a criminal offence. He had no lawful reason to publish details of suspicious transactions as he was not under any legal compulsion to do so. Ecocash did not need to name the entities in court papers or cite the facts of the cases submitted to the FIU.
4.6. If Ecocash felt it was necessary for the court (and the world) to know the entities and facts concerning the STRs, at the very least, it should have sought a court order to authorise the disclosure and/or publication of such information, a request that would almost certainly have been refused, in view of the legal prohibition.
4.7. Chibi&#8217;s criminal conduct (whether out of ignorance or out of contempt for the law or the regulator) is yet another indictment of his suitability to hold the position of director of a financial institution.
5. RESPONSE TO THE CHARGES
5.1. Ecocash, its Chief Executive Officer, Natalie Jabangwe and its Director Eddie Chibi, are each required to respond to all the 4 charges as set out above, within 7 days of receipt of this letter, stating whether you admit or deny the charges.
5.2. If you deny the charges, you are required to detail the grounds of your defence. 
The FIU may make a determination based on your submissions without having to call you for a hearing.
5.3. If you admit any of the charges, you may, if you wish, make submissions that you 
wish the FIU to take into account in assessing the appropriate penalty.
5.4. May you take note that some or all the charges cited herein also amount to criminal offences prosecutable in the courts of law.</blockquote>

FULL TEXT: RBZ Accuses EcoCash Bosses Of Incompetence, Ineptitude & Unprofessionalism

The Reserve Bank of Zimbabwe’s (RBZ) Financial Intelligence Unit (FIU) has directed Steward Bank to restrict payments into the Mobile Money Trust (MMT) account for EcoCash in a bid to combat money laundering and illicit foreign currency dealings by some EcoCash agents.
A letter dated 21 May 2020 and directed to Courage Mashavave, Steward Bank CEO, by FIU acting director-general, O, Chipesa reads:
<blockquote>Restriction of payments into Ecocash Mobile Money Trust MMT) Account
1. We understand Steward Bank holds or manages Mobile Money Trust (MMT) account for Ecocash (Private) Limited.
2. We have noted rampant abuse of the mobile money platforms for purposes of illicit foreign currency dealings and money laundering. We have noted huge daily inflows into the MMT account, without any apparent underlying business rationale.
3. We have directed mobile money service providers to undertake an agent re-licencing and KYC enhancement exercise to ensure that only bonafide entities are allowed to continue transacting on the respective mobile money platforms.
4. Pending completion of such a KYC enhancement and re-licensing exercise by the mobile money service providers, banks shall, with immediate effect, implement the following measures in respect of MMT accounts:
(a) the bank shall not receive or process any payment into the MMT account from a third party, i.e. a person/entity who is not an account-holder with the bank;
(b) a customer of the bank shall only be allowed to pay into the Ecocash MMT account, funds not exceeding ZW$100,000 per month (in line with the agent/bulk payer monthly limits currently in force);
(c) Ecocash shall, from time-to-time, provide the bank with lists and details of its agents who would have undergone the re-licensing exercise, and who shall be allowed to transact at higher limits, as shall be approved by the Reserve Bank of Zimbabwe, acting in consultation with the FIU;
(d)the bank shall exercise enhanced due diligence to satisfy itself as to the purpose of any payment into the MMT account and report any suspicious transactions.
5. The above restrictions shall not apply to Ecocash agents/bulk payers who fall into the following categories, whose transaction limits shall continue to be managed by Ecocash, as per currently approved thresholds:
<ul>
<li>Banking institutions;</li>
<li>Bureaux de change;</li>
<li>Listed companies;</li>
<li>International Organizations;</li>
<li>Microfinance institutions; and</li>
<li>Government and quasi-government institutions.</li>
</ul>
6. Steward Bank shall provide the FIU with daily returns of all funds deposited into the MMT account.</blockquote>

RBZ Orders Steward Bank To Combat EcoCash Abuse

The Reserve Bank of Zimbabwe&#8217;s Financial Intelligence Unit has accused most mobile money agents of fueling the foreign currency exchange rate volatility, The Chronicle reports. The matter came to light in a public notice published by the FIU explaining that the ban on some agent lines was just not an outright ban but a warranted ban.
Said the FIU in  the notice:
<blockquote>FIU analysis shows that the majority of agent accounts are no longer being used for the purpose for which they were originally intended, such as cash-in, cash-out, sending money, airtime vending and facilitating payment of utility bills by clients.
The FIU further established that the KYC information, which EcoCash has in respect of most of the agents is inadequate, inaccurate and out of date hence the need for a wholesale update to ensure that only bona fide entities are allowed to continue using the platform.</blockquote>
Econet has taken the RBZ to court for blocking some of their agents&#8217; lines but the bank is adamant that Ecocash must know its customers and continuously monitor their transactions so that they know if they are conducting illegal activities using their lines or not.
More: <a href="https://www.chronicle.co.zw/mobile-money-agents-illicit-deals-exposed/">The Chronicle </a>
&nbsp;

Most Mobile Money Agent Lines Being Used For Illicit Deals - RBZ

Reserve Bank of Zimbabwe governor John Panonetsa Mangudya has accused shadowy businesspeople of abusing mobile money platforms to drive the exchange rates on the parallel market, saying the current situation is like Sodom and Gomorrah.
Mangudya made the remarks on Wednesday when he appeared before the parliamentary portfolio committee for Budget and Finance, which is chaired by Felix Mhonda (ZANU PF). He said:
<blockquote>The mobile banking platforms are now being used as an industry by foreign currency dealers whereby they sell foreign currency on what appears to be Ponzi schemes.
They are making money from selling money, they wake up every morning and ask where (sic) the rate will be and if it is at 1:40 they will go to 1:45 in order to make a profit and the trend continues, that way it will become a Ponzi scheme.
It is not about us hating the mobile platforms, but what happens there is more like Sodom and Gomorrah.</blockquote>
Mangudya said the proliferation of money laundering and illicit foreign currency dealings on the black market is like coronavirus, like guerrilla warfare which need unity among Zimbabweans. Said Mangudya:
<blockquote>Whenever we put measures in place to make our economy grow, it seems there is asymmetric economic warfare, it is more like guerrilla warfare, this is a disappointing factor and we need to work as team Zimbabwe to end this.
The rate changes in the minds of people, there is no country that does not have a parallel rate, but the parallel rate in Zimbabwe changes frequently, why can’t it be stable.</blockquote>
As of Thursday, the country’s dollar was trading at 1:63 to the United States dollar according to <a href="https://www.zimrates.com/" target="_blank" rel="noopener noreferrer">zimrates.com</a>.
<h4>More: <a href="https://dailynews.co.zw/black-market-gives-rbz-headaches/" target="_blank" rel="noopener noreferrer">Daily News</a></h4>

'It's Like Sodom & Gomorrah', Mangudya Bemoans Abuse Of Mobile Money Platforms By 'Cash Barons'

Ecocash, a subsidiary of ZSE-listed Cassava Smartech, said the Reserve Bank of Zimbabwe (RBZ) ignored warnings about suspicious EcoCash agents for months.
In a letter that was attached to the papers submitted to the High Court seeking the reversal of the RBZ directive to freeze accounts of all EcoCash agents that process transactions above ZW$100 000 per month, EcoCash CEO, Natalie Jabangwe revealed that the central bank was lethargic in its response.
In the letter, dated 24 April 2020 and written to the Financial Intelligence Unit, Jabangwe said:
<blockquote>We note that, as shown in Table 2 below, since the implementation of the new limits we submitted 17 STRs* and only five have been responded to with requests for additional information, the rest (12) we have not heard anything from you with some getting to a month old since submission.
Prior to implementation of the new limits, since the beginning of the year, we submitted 68 STRs and got 22 responses with 1 case being referred to the police. In 2019 we submitted 100 and got 50 responses.
Whilst we are fully aware of our obligation to detect and report and we will continue to do so, the low response rate can be disheartening and cause for concern to us especially when you then keep accusing us of not detecting and reporting cases of abuse of the platform.
<cite>*STR: Suspicious Transaction Report</cite></blockquote>
In the same letter, Jabangwe revealed that even police detectives were shocked. She wrote:
<blockquote>On 15th September last year, we were invited for a meeting at Criminal Investigations Department Headquarters (CID HQ) to discuss ways of ensuring that channel partners who were abusing the EcoCash platform were brought to book.
We advised them the process that we follow in terms of reporting STRs to your office and we gave them statistics of STRs that we had submitted to your offices.
They were impressed with the number of STRs we had submitted but expressed shock at the small number of Compliance Orders that they had received from your office.</blockquote>
<h4>More: <a href="https://www.techzim.co.zw/2020/05/rbz-ignored-warnings-about-suspicious-ecocash-agents-for-months/" rel="noopener noreferrer" target="_blank">Techzim</a></h4>

EcoCash Accuses RBZ Of Moving Too Slowly In Dealing With Suspicious Agents

The Reserve Bank of Zimbabwe (RBZ) has filed a notice of opposition to the urgent application for a final interdict made by Ecocash to force the central bank to reverse the ban on some Ecocash Agents.
RBZ had ordered that the suspension of some of Ecocash&#8217; Agents who trade more than $100 000 per day on the basis that they were allegedly participating in illegal buying and selling of foreign currency.
In the notice of opposition, the governor of the RBZ, Dr John Mangudya said that the effect of the rapidly devaluing exchange rate on the Ecocash Platform is destroying the livelihood of the Ecocash users and the economy of Zimbabwe at large.
He also said that it has been discovered that unlike other electronic platforms, Ecocash does not engage in immediate settlement of payments which means that payments can remain outstanding for periods of between three to seven days, thereby unduly disadvantaging the same people Ecocash claims to be protecting. He said:
<blockquote>What the general public does not know is what happens in the interim. The funds that have not been credited to the vendor or the recipient are then available for trading on the Ecocash Platform in the foreign currency market. In effect, the delays allow a certain person, who was the subject matter of an investigation, to buy and sell foreign currency in the intervening period.
&#8230; The Applicant [EcoCash], through this application shows that it is abdicating its responsibility of ensuring that its system and its identified agents operate in terms of the law. This is a blatant display of arrogance, defiance and impunity.</blockquote>
He also attached a schedule confirming that there are some Ecocash agents who have deficit accounts (caused by drawing more money than the account holds) on their Ecocash accounts in excess of $39 million which is outrageous.
He added that Ecocash on this basis had breached the law thereby forfeiting any rights that it has.
More: <a href="https://www.theanchor.co.zw/2020/05/08/ecocash-a-ponzi-scheme-says-rbz-has-agents-overdraft-of-zw39m/" target="_blank" rel="noopener noreferrer">The Anchor</a>

RBZ's Response To Ecocash Opens Can Of Worms

Zimbabwe&#8217;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&#8217;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&#8217;s One Money and Econet&#8217;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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Ecocash Drags RBZ To Court For Blocking Its Agents

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