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Bancassurance Agents

Listed companies Econet Wireless Zimbabwe (Econet) and EcoCash Holdings (EcoCash) have received approval from the central bank to conduct rights offers in United States dollars. Rights offers are a corporate action where existing shareholders are given the opportunity to purchase additional shares at a discounted price. It allows companies to raise capital from their current investors, who have the right to buy new shares before they are offered to the public.
Through these rights offers, Econet and EcoCah aim to raise $30.3 million each from their existing shareholders. The companies were unable to obtain foreign currency through the Reserve Bank of Zimbabwe’s auction process to redeem their debentures (long-term loans), which matured in April 2023. As a result, they sought exchange control approvals to proceed with the rights offers.
In separate statements on Tuesday, the companies stated that the ultimate Zimdollar price for the shares would be determined when they receive foreign currency on the interbank market to redeem the debentures, following the country’s exchange control laws. Econet said:
<blockquote>
Members are hereby advised that the company has now obtained exchange control approval for the rights offer to be made in United States dollars.
</blockquote>
The companies said the final price of the shares will be determined when the companies receive foreign currency on the interbank market to redeem the debentures. Shareholders registered as of September 1, 2023, will have the option to exercise their rights using the local currency. A deposit will be required for each share, with the remaining balance to be paid once foreign currency has been secured. The applicable exchange rate will be the prevailing interbank rate plus a 10% margin.
The rights offer is scheduled to open on September 11, 2023, and close on September 29, 2023, with the results expected to be announced on October 6, 2023. The debentures stem from a capital raise exercise in 2017, which aimed to secure foreign currency for external loan repayments.
This approval allows Econet and EcoCash to proceed with their rights offers in an effort to raise the necessary funds from existing shareholders. It provides them with an alternative means to obtain foreign currency, as they were unable to access it through the Reserve Bank of Zimbabwe’s auction process.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

Econet And EcoCash Received Central Bank Approval For US Dollar Rights Offers

Ecocash has opened a new remittance centre at Joina City, located at the centre of Harare, Zimbabwe, which allows customers to receive money from both local and international sources.
The company said the remittance centre provides an integrated platform for all remittance-related services, including the EcoCash Cash-In and Cash-out services.
Ecocash said the centre aims to streamline the money transfer process, facilitating quick and secure transactions and ensuring a seamless customer experience.
The remittance centre is open for longer hours, including on Saturdays and half-day Sundays, to offer additional convenience to customers. The latest development comes after the recent reduction of the Intermediated Money Transfer Tax (IMTT) from 2% to 1% by the government, which has been widely applauded by the market and has resulted in an increase in the usage of mobile money services in the country.
Ecocash has been operating on low key since July 2020 when the Reserve Bank of Zimbabwe (RBZ) blocked EcoCash agents from conducting cash-in and cash-out transactions, citing concerns over illicit foreign currency dealings. The move was aimed at curbing the activities of illegal foreign currency dealers who were using EcoCash agents to exchange cash for foreign currency at exorbitant rates, causing distortions in the foreign exchange market.
The RBZ also accused EcoCash of failing to implement adequate Know Your Customer (KYC) and Anti-Money Laundering (AML) measures, which it claimed had facilitated illegal activities. The move caused significant disruptions to the operations of EcoCash agents, who had to suspend cash-in and cash-out services, leading to an outcry from customers who relied on the service for their daily transactions. The RBZ later reversed the decision, allowing EcoCash agents to resume cash-in and cash-out transactions, subject to new regulations aimed at curbing illegal activities.
Ecocash has implemented a new licensing system for its agents, which involves thorough vetting to ensure compliance with regulations and the mitigation of risks associated with illicit activities. According to an Ecocash officer who spoke to Pindula News, the new licensing system requires agents to provide proof that they have installed CCTV and panic buttons, among other requirements. The new guidelines are aimed at ensuring that only businesses that meet the required standards are licensed to offer EcoCash services, thus reducing the risk of illicit activities such as money laundering and illegal foreign currency trading. As a result, only big retailers or businesses that can meet the stringent requirements have been able to obtain the licenses. 
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Ecocash Has Opened A New Remittance Centre In Harare

The Reserve Bank of Zimbabwe Financial Intelligence Unit (FIU) said that retailers and manufacturers who were exclusively charging certain goods in foreign currency and using the street market rate for currency conversion have agreed to reconsider their pricing models.
In an interview with <a href="https://www.sundaynews.co.zw/16-bank-accounts-frozen-in-rbz-price-blitz-overpricing-shops-penalised/">State media</a>, FIU director-general Oliver Chiperesa said that the Unit has received assurances from retailers that they will adjust their prices in line with the prevailing official exchange rate while also accepting Zimbabwe dollars for all products. Said Chiperesa:
<blockquote>
We engaged with them and they have assured us that they are relooking into their pricing models.
Yes, some had items that they were not allowing clients to pay for using the local currency, but we have told them that is not acceptable and they agreed to rectify it.
They also assured us that customers will be able to pay in local currency for all goods whose prices have been marked in foreign currency only.
</blockquote>
He, however, said there were still some rogue businesses who they continue to monitor to ensure that they were brought to book.
Chiperesa gave an example of one supermarket in Belvedere, Harare, saying it had a rate higher than the parallel market. He said:
<blockquote>
On Friday we found out that this supermarket was using an exchange rate of US$1:ZW$10 000 which has no relationship with even the parallel market.
So it is just a rate they came up with as forward pricing just to destabilise the rates because the most extreme parallel market rates were 8 000, but they are beginning to go down.
</blockquote>
Last week, the RBZ set the official exchange rate at US$1: ZW$5 900 while the street rate was hovering at US$1: ZW$9 000.
However, some large retailers were using at least US$1: ZW$10 000 for selected products while popular fast-food outlets were rejecting the local currency on the pretext that their point-of-sale machines were not working and therefore could not accept swipe and EcoCash payments.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Shops Agree To Sell Products In ZimDollars At The Official Rate - RBZ

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’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>

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

EcoCash has reduced its US dollar transfer charges following the government’s reduction of the Intermediated Money Transfer Tax (IMTT) to 2%, down from 4% effective from 1 January 2023.
In a notice to its customers, EcoCash said the 2% tax only applies to transactions higher than US$5. It also said all cash-in transactions were free.
EcoCash US dollar transfers are done via the EcoCash US dollar wallet, accessible by dialling *153# on an EcoCash registered Econet line.
The EcoCash wallet allows users to cash in, cash out, send money, receive money, make payments and buy airtime in US dollars. A company spokesperson said:
<blockquote>
The beauty about the EcoCash USD wallet is that there is no need to register a new wallet, as all existing registered EcoCash customers have the USD wallet by default on their profile, which is accessible by simply dialling *153#.
</blockquote>
Cash-in can be done at Econet Shops, OK Supermarkets, and Steward Bank branches throughout the country, or at over 500 EcoCash branded merchant outlets across the country.
Following the reduction in transfer charges, a registered EcoCash customer will pay a total of US$0.33 (US$0.20 IMT tax, and US$0.13 EcoCash fee) when sending US$10.
Those cashing out US$10 will be charged US$0.17 in transaction charges.
Sending US$50 now attracts a 2% tax of US$1.00 and a US$0.65 transaction charge, bringing the total transfer fees to US$1.65, while those cashing out US$50 will be charged US$0.85.
Sending US$100 will cost US$3.30 – made up of US$2 in tax and US$1.30 in transaction fees. Cashing out US$100 attracts US$1.70 in charges. | <a href="https://www.herald.co.zw/ecocash-slashes-its-us-dollar-transfer-charges/">The Herald</a>

EcoCash Lowers Its US Dollar Transfer Charges

EcoCash has announced a scheduled system maintenance that will disrupt services on the platform that include Send Money, Merchant Payments and ZIPIT, among others.
The scheduled system maintenance will be conducted from 9 PM this Saturday to 6 AM on Sunday. EcoCash said in a notice:
<blockquote>
Please note that we will be performing a scheduled system maintenance from Saturday the 10th of September 2022 from 21:00hrs to Sunday the 11th of September 2022 at 06:00hrs.
The following EcoCash services will be intermittent during this time; Send Money, Merchant Payments, Banking Services, ZESA, ZIPIT &amp; Airtime.
We apologise for any inconvenience that may be caused as a result of the scheduled maintenance.
</blockquote>
Meanwhile, the Zimbabwe National Roads Administration (ZINARA) has urged motorists to make use of alternative payment methods such as ZINARA Prepaid Card, Frequent Traveler Express Pass (FTEP), Debit cards and cash during the period when the EcoCash payment platform will be unavailable.

EcoCash: Service Disruption During System Maintenance

EcoCash Holdings has launched “EcoCash Junior Wallet”, a mobile wallet for children between 9 and 18 years of age.
Speaking at the launch of the service in Harare on Friday, EcoCash Holdings chief executive officer, Eddie Chibi said only parents and guardians are allowed to register and fund the wallet on behalf of children from their wallets. He said:
<blockquote>
This way, parents have control of re-setting pins and keep track of transactions made by the child.
The idea is to enable children to take charge of their own pocket money and savings with the help of their parents and, in the process, nurture in them financial stewardship and discipline at an early age.
</blockquote>
Chibi added that teens and younger children can use the EcoCash Junior Wallet to buy goods online and in-store, buy airtime, as well as conduct peer-to-peer transfers.
He said the wallet can be funded with either Zimbabwe dollars or United States dollars through cash-in, peer-to-peer transfers or via bank-to-wallet transfers from the guardian or parent.
EcoCash chief operating officer Munyaradzi Nhamo said that the Junior Wallet transaction limits for payments are ZW$35 000 per/day and ZW$240 000 per month, and up to US$175/day and US$700/month on the USD wallet.
To register for the EcoCash Junior Wallet, parents or guardians need to dial *151# (for ZWL wallet) or *153# (for USD wallet), select option 5 – Junior Wallet, then enter child information, including first name, last name, date of birth, identification number and phone number.
They then confirm registration details, and the child will be activated.
Parents or guardians will still be required to attach the KYC documents of the child on a web portal, accessible on https://selfcare.ecocash.co.zw for the account to remain active. | <a href="https://www.herald.co.zw/ecocash-launches-ecocash-junior-wallet-as-the-mobile-money-business-targets-the-youth/">The Herald</a>

EcoCash Launches Wallet For Children Called "EcoCash Junior Wallet"

EcoCash Holdings Zimbabwe is set to retrench some of its staff members, after the automation of our key business processes that render some workers redundant.
In a statement, the company said it is working closely with affected staff, stakeholders and regulators to ensure the process is consultative, transparent and compliant. EcoCash said:
<blockquote>
The changing economic operating environment has necessitated a strategic refocus as we look to increase the competitiveness of our business.
This follows the successful automation of our key business processes. Regrettably, the process will result in the reduction of our overall staff complement across the group.
</blockquote>
More: <a href="https://www.sundaymail.co.zw/ecocash-to-retrench">The Sunday Mail</a>

EcoCash To Lay Off Workers

Zimbabwe’s leading mobile money platform, EcoCash, has introduced a new service that allows customers to make real-time, multicurrency (ZWL or USD) bill payments and allow for automatic monthly bill payments.
Dubbed “EcoCash Bill Manager”, the new service enables express payments, a service that allows customers to save regular service provider billing details and allow customers to quickly buy airtime and data bundles.
The express payments feature also has an option for customers to check their account balances.
Announcing the new service on Thursday, EcoCash chief operating officer, Munyaradzi Nhamo, said:
<blockquote>
Our customers will now be able to make real-time payments and get instant updates on the status of their accounts.
They will also be able to set recurring bill payments for auto-collection by the service or utility providers, straight from their mobile wallets, on a monthly basis.
All they will need to do is authorize the payment; EcoCash Bill Manager will automatically fetch the bill from the service provider and present it to the customer for payment authorization.
</blockquote>
Nhamo said that EcoCash users will now never miss a payment because EcoCash Bill Manager will remind them. He said:
<blockquote>
EcoCash Bill Manager puts the power into the customer’s hands. They will have the convenience and flexibility to make one-time payments, or to automatically schedule mandates for recurring payments to their utility or service provider.
</blockquote>
EcoCash said customers that use the EcoCash Bill Manager online will get an instant email notification, with proof of payment, once they pay their bills.
They will also be able to access and download EcoCash statements on demand.
Some of the billers on the EcoCash Bill Manager include ZESA prepaid tokens, CIMAS, Nyaradzo etcetera.
<h4>More: <a href="https://www.chronicle.co.zw/ecocash-unveils-new-bill-management-service/">Chronicle</a></h4>

EcoCash Launches New Bill Management Service

<a href="https://www.pindula.co.zw/EcoCash">EcoCash</a> has made it possible for users on the platform to request money from other users. In a notice seen by Pindula News, EcoCash, a mobile money transfer facility run by <a href="https://www.pindula.co.zw/Econet_Wireless_Zimbabwe" title="Econet Wireless Zimbabwe">Econet Wireless Zimbabwe,</a> said, “FINALLY, You can do the send money process for them. Request money directly from their wallet today! Why wait for them to send you money?” 
To request money, one only needs to be registered on EcoCash. Then:
<blockquote>
• Dial *151#
• Select Option 1 — Send Money 
• Select Option 6— Request Money 
• Select Option 1 — Create Request 
• Enter Amount, 
• Enter Mobile Number
• Enter Reference 
• Select Option 1 – Confirm Request
</blockquote>
 
<img alt="May be an image of 1 person and text that says 'EcoCash Why wait for them to send you money? Dial *151# to request for money •Select Option Send Money Select Option Reques Money .Select Option -Create Request .Enter Request Details- Amount, Mobile number, and Reference Confirm Request Downloadthe EcoCash now AppS Live Life the EcoCash Way 1'°O www.ecocash.co.zw EcoCash HOLDINGS'" class="aligncenter" decoding="async" src="https://scontent.fhre2-2.fna.fbcdn.net/v/t39.30808-6/290627653_2128186554017954_6411396786895921734_n.jpg?stp=dst-jpg_p843x403&amp;_nc_cat=108&amp;ccb=1-7&amp;_nc_sid=8bfeb9&amp;_nc_ohc=u_Gz0znaCCIAX9vM6QW&amp;_nc_ht=scontent.fhre2-2.fna&amp;oh=00_AT_GaC3Y5lFi3aWU0G5WnKlqCYNft_utQ7nIpSZaShVFqg&amp;oe=62BC654A"/>
<h2> </h2>
Those being requested to send money will receive a message which says:
<blockquote>
Money Request. RTGS$XXXXX from XXXX XXXXX Approval Required: XXXXXX. Request expires in 2 hrs, dial *151*1*6*3# to approve request.
</blockquote>
EcoCash recently <a href="https://news.pindula.co.zw/2022/06/23/ecocash-transaction-limits-raised/">increased its transaction limits</a> to enable its customers to transact fairly huge amounts amid rising inflation.
Users are now able to send up to ZWL$280 000 per month and to shop and pay bills of up to ZWL$400 000 in a single month.
<h2>More: <a class="external text" href="https://zero.pindula.co.zw/download/" rel="nofollow">Pindula News </a>is best enjoyed <a href="https://zero.pindula.co.zw/download/?utm_source=PindulaArticles&amp;utm_campaign=DownloadLink">via the App. Download it here</a></h2>

EcoCash Makes It Possible For Users To Request Money From Other Users

EcoCash has launched a new service that will allow customers to cash-in and cash-out United States dollars at Econet shops and Steward Banks.
The new service was launched on Friday in Harare at an event that was attended by senior representatives from the Reserve Bank of Zimbabwe, EcoCash channel partners, merchants, banks and EcoCash customers. 
Speaking at the event, EcoCash chief operating office Munyaradzi Nhamo said:
<blockquote>
It’s really about convenience. To send US dollars, all that the customer needs to do is visit any Econet shop or Steward Bank branch countrywide and cash-in their US dollars into their EcoCash US dollar (FCA) wallet.
Thereafter they can immediately transfer the funds to anyone – registered on EcoCash or unregistered – and the US dollars will land in the receiver’s wallet in real-time.
The recipient can then go and cash out their US dollars, at their convenience.
Customers will be able to pay for goods and services electronically, be it in supermarkets or across any retail channels, pay their bills, or buy airtime – directly on their mobile phones.
</blockquote>
The new EcoCash US dollar service can be accessed on USSD code *153# and allows customers to transfer as little as US$1 up to as much as US$500 per day. Added Nhamo:
<blockquote>
Registered customers can also cash-in or cash-out a maximum of US$2 000 per month, while unregistered users can transact up to US$250 per day and US$1 000 per month.
</blockquote>
However, the statutory 2 per cent intermediated money transfer tax (IMTT) applies to all transactions.
Nhamo also announced US$10 000 promotional funds to be won by the first customers to use the new service. He said:
<blockquote>
To kickstart this exciting service, we have set aside US$10 000 in promotional funds to be won by our customers.
For every US$1 you cash-in and send, we will give you back US$1. We offer cashback of up to US$10 per transaction, on a first-come-first-served basis.
</blockquote>
<h4>More: <a href="https://www.sundaymail.co.zw/new-ecocash-launches-us-service">The Sunday Mail</a></h4>

EcoCash Launches USD Cash-In & Cash-Out Service

The Reserve Bank of Zimbabwe (RBZ) has raised the limit on mobile banking transactions from person to person from ZW$5 000 to ZW$10 000 per transaction and from ZW$35 000 per week to ZW$70 000 per week.
In August 2020, the RBZ ordered a limit on mobile banking transactions (EcoCash, Telecash, OneMoney) for all individuals at a maximum of ZW$5 000 per day and ZW$35 000 per week.
In his Monetary Policy Statement (MSP) issued this Monday, RBZ Governor John Mangudya announced a cocktail of measures the central bank has put in place to promote the use of the Zimbabwe dollar.
The central bank governor also announced that more forex will be availed for fuel service stations that sell fuel in Zimbabwe dollars.
Some of the measures announced by the RBZ  to promote the use of the local currency in domestic transactions include:
<blockquote>
Increasing foreign exchange availability to fuel service stations designated by the Zimbabwe Energy Regulatory Authority (ZERA) to sell fuel in local currency.
… Maintaining minimum deposit rates for savings and time deposits at 10% and 20% respectively, to preserve value for local currency deposits.
… Building foreign exchange reserves to provide the necessary backup support for the local currency to enhance its attractiveness through setting aside 5% of the foreign exchange available for the auction system.
</blockquote>
The RBZ also resolved to increase the limit on mobile banking transactions as follows: The MPS read:
<blockquote>
… person to business from ZW$20 000 to ZW$25 000 per transaction with a maximum limit of ZW$100 000 per week
… person to person from ZW$5 000 to ZW$10 000 per transaction with a limit of ZW$70 000 per week.
… increasing the cash withdrawal limit for the banking public from ZW$2000 to ZW$5000 per week.
</blockquote>
The RBZ said it appreciates the effort being made by banks to enable cashless transactions through digital and electronic banking services to their customers.
The central bank called on members of the public to bank their cash and utilise digital and electronic services, which include credit and debit cards.
It said this will minimise the risk of theft and robberies associated with carrying cash on person or possession of large sums of cash at premises.
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

RBZ Raises Mobile Banking Transaction Limit To $10 000 Per Day

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/" rel="noopener" target="_blank">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>

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$ave account holders’ EcoCash wallet, to allow customers access to their funds during the transition.
Please note that only individual EcoCash$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$ave account provided a paperless banking service via customers’ mobile phone. It also provided customers with the convenience of moving money between their EcoCash Wallet and the EcoCash$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’s (RBZ) Monetary Policy Committee (MPC) has attempted to shed light on why authorities cracked down on Cassava Smartech’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/" rel="noopener noreferrer" target="_blank">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 “for the time being”.
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 – Econet’s Ecocash, NetOne’s One Money and Telecel’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/" rel="noopener noreferrer" target="_blank">ZBC News</a>

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/" rel="noopener noreferrer" target="_blank">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 class="wp-video" style="width: 400px;">
<video class="wp-video-shortcode" controls="controls" height="224" id="video-173601-1" preload="metadata" width="400"><source src="https://t792ae.c2.acecdn.net/wp-content/uploads/2020/07/Zimswitch-national-switch.mp4?_=1" type="video/mp4"/><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?

The RBZ has released the following statement which states that Zimsitch is now the designated national payment switch and all mobile money payments will go through Zimswitch this according to Techzim makes  Ecocash and One money just wallets.
Read the full statement below:
<blockquote>In accordance with the provisions of the National Payment Systems Act [Chapter 24:23] and the Banking (Money Transmission, Mobile Banking and Mobile Money Interoperability) Regulations, Statutory Instrument 80 of 2020 (the Regulations), the Reserve Bank of Zimbabwe (the Bank) wishes to advise the public that it has designated Zimswitch as a national payment switch with immediate effect.
All mobile money transmission providers and mobile banking providers are hereby directed to be connected to Zimswitch as provided for by section 4 of the Regulations. To ensure seamless integration, all money transmission providers and mobile money providers must complete the necessary Installation or deployment or commissioning of Infrastructure and connection protocols, credentials and documentation for connection to Zimswitch by no later than 15 August 2020.</blockquote>
<img alt="" class="aligncenter wp-image-173466 size-full" decoding="async" height="1024" loading="lazy" sizes="(max-width: 724px) 100vw, 724px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2020/07/Zimswitch-now-payment-switch.jpeg" srcset="https://news.pindula.co.zw/wp-content/uploads/2020/07/Zimswitch-now-payment-switch.jpeg 724w, https://news.pindula.co.zw/wp-content/uploads/2020/07/Zimswitch-now-payment-switch-212x300.jpeg 212w" width="724"/>

FULL TEXT: Zimswitch Now The Designated National Payment Switch, All Mobile Money Payments To Go Through Zimswitch

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 alt="" class="aligncenter wp-image-172250 size-full" decoding="async" height="1024" loading="lazy" sizes="(max-width: 872px) 100vw, 872px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2020/06/EcoCash.jpeg" 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" width="872"/>

PICTURE: Know Your EcoCash Transaction Limit

Ecocash has released the following statement to its bulk buyers, agents and merchant line holders and said the RBZ has directed them to suspend their lines. This comes after the government announced that it was suspending mobile money transactions on Friday in order to facilitate investigations into illegal activities being carried out on the platforms. Read the full statement below:
<blockquote>
Dear Agents, Bulk Payers and Merchants,
Please be advised that we have received a directive from the Reserve Bank of Zimbabwe which states the following: 
1. All Agent and Bulk Payer lines have been suspended until further notice with immediate effect 2. Merchant to Merchant and Merchant to Individual transactions have also been suspended until further notice.
Pay Merchant transactions continue to operate normally.
Please be also advised that all other EcoCash services continue to operate normally.
For enquiries please email: salesmanagers@cassavasmartech.co.zw 
Live Life The EcoCash Way! 
DIAL *151 # Live life the EcoCash way
<img alt="" class="wp-image-171960 size-full aligncenter" decoding="async" height="901" loading="lazy" sizes="(max-width: 617px) 100vw, 617px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2020/06/Ecocash-to-agents.jpeg" srcset="https://news.pindula.co.zw/wp-content/uploads/2020/06/Ecocash-to-agents.jpeg 617w, https://news.pindula.co.zw/wp-content/uploads/2020/06/Ecocash-to-agents-205x300.jpeg 205w" width="617"/></blockquote>

FULL TEXT: We Have Been Instructed To Suspend Your Lines - EcoCash To Agents, Merchants And Bulk Payers

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

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