Home Africa News Breaking News: Government suspends Ecocash, One Money and all Mobile money services

Breaking News: Government suspends Ecocash, One Money and all Mobile money services

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Breaking News: Government suspends Ecocash, One Money and all Mobile money services

The government of Zimbabwe has with immediate effect suspended all mobile money services and trading on the Zimbabwe Stock exchange.

Mobile money platforms are accused of fueling illegal activities in the Zimbabwean economy.

Ecocash and One Money Banned
26 June 2020

PRESS STATEMENT: SUSPENSION OF MONETARY TRANSACTIONS ON PHONE-BASED MOBILE MONEY PLATFORMS


Government has, with immediate effect, undertaken a series of prudent and coordinated interventions to deal with malpractices, criminality and economic sabotage perpetuated by the “wolves in sheep skins amongst our population” that His Excellency the President alluded to during his official address on the occasion of the Heroes 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 23th 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 platformsChaosafrica

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