Zimswitch, a company set up and owned by Zimbabwean banks, has been designated as the national payment switch and providers of mobile money transmission and mobile banking now must be connected to Zimswitch by 15 August. This extension of Zimswitch’s range by the Reserve Bank of Zimbabwe in terms of SI80 of 2020 means that EcoCash, OneMoney and Telecash will now be in the Zimswitch universe and that all electronic financial transactions, regardless of where they originate or end, can be made through Zimswitch. This designation of Zimswitch as the national payment switch, announced by Reserve Bank Governor Dr John Mangudya yesterday, is part of the moves to bring mobile money services under control of monetary authorities, as set out in the regulations issued at the end of March.
ZIMBOCASH account holders have been unable to transact using the digital currency for over a week and a half now. Earlier today ZIMBOCASH sent an email out to the subscribers explaining the cause of downtime. It seems scammers who were creating multiple accounts were the main reason why ZIMBOCASH decided to hault payments. The email reads sent to account holders reads; We, unfortunately, have had to put the payments gateway in maintenance mode – you won’t be able to make transactions for the time being. We have had some challenges with respect to identity validation of our users – some users were creating multiple accounts. We had originally been relying on cellphone numbers as a proxy for identity – but a few subscribers were creating scam accounts. Unfortunat
DOMINANT mobile money service provider, EcoCash, says all of its agent and bulk payer lines have been suspended until further notice in compliance with the Reserve Bank of Zimbabwe (RBZ) directive. While the directive also affects cash-in and cash-out services, other individual mobile transactions remain permissible as usual, said EcoCash in a public notice to its customers. “Following communication from the Reserve Bank of Zimbabwe, please be advised that with immediate effect, the following changes apply; “All agent and bulk payer lines are suspended. This, therefore, means that cash-in, cash-out services have been suspended until further notice. “However, please be advised that, all other Ecocash services continue and are operational normally,” said the company, a subsidiary
Mobile money operators have heeded the Reserve Bank of Zimbabwe (RBZ) directive to suspend agent lines and convert merchant lines into one-way channels, allowing payments to come in while cashing out is to be made through a bank, to stop large sums being fed anonymously into the black market. The development followed a statement by Government last Friday suspending mobile money platforms, to deal with “malpractices, criminality and economic sabotage” perpetuated by some mobile money operators. On Saturday, the RBZ said genuine individual transactions would be processed normally, that is those by holders of ordinary lines, while merchant lines would become one way, allowing incoming transactions, but merchants would then be required to move their money to their bank accounts to make a
In a stunning development, the government has banned EcoCash and all mobile money services. President Emmerson Mnangagwa’s government has suspended all mobile money platforms with immediate effect in an effort to stop the collapse of the Zimbabwe Dollar and to limit the effect of the black market. This was announced in a press statement which was released issued by the Permanent Secretary in the Ministry of Information, Publicity and Broadcasting Services, Nick Mangwana on Friday night. iHarare is publishing the full statement in its entirety below, Government has, with immediate effect, undertaken a series of prudent and coordinated interventions to deal with malpractices, criminality and economic sabotage perpetrated by the “wolves in sheep skins am
First it was EcoCash and now ZIPIT is getting the same treatment. The Financial Intelligence Unit (previously an arm of the RBZ but now operating independently) has issued a directive to ZIPIT CEO Cyril Nyatsanza placing a daily and monthly limit on ZIPIT transactions. The Directive dated 27 May reads; Dear Mr Nyatsanza. Temporary Downward Review of ZIPIT Limits to ZW$20 000 per Day and ZW$100 000 per Month The FIU has noted that the existing ZIPIT transaction limits which have no monthly cap are being misused, primarily for illicit foreign currency transactions. The current limits of ZW$100 000 per day allow a customer (subject to any bank-specific limits) to move about ZW$3 million per. month using a single account, and much more if he/she is multi-...
Natalie Jabangwe Cassava Smartech like the rest of the Zimbabwe Stock Exchange listed stocks, has continued to record significant gains, shrugging off serious allegations and litigations levelled against its biggest subsidiary and cash cow, Ecocash. Since the release of the Financial Intelligence Unit (FIU) letter addressed to Ecocash chief executive officer Natalie Jabangwe, in which she and Cassava chief executive Eddie Chibi, are facing possible charges against money laundering, Cassava has gained 12,5 percent as at Wednesday last week. In a letter to Jabangwe, the FIU said it plans to impose administrative penalties against her and Chibi under the Money Laundering and Proceeds of Crime Act. So damning was the FIU in its letter to Jabangwe, which ...
Earlier this week, ZIMBOCASH – a local decentralised cryptocurrency- listed their token ZASH on Bithumb Global (a cryptocurrency exchange headquartered in South Korea). In marketing material, ZIMBOCASH is marketing the ZASH token as a replacement to Zimbabwe’s flailing Zimbabwe Dollar. A total of 4.5 billion ZASH tokens have been created with 950 million currently in circulation. The Zimbabwe dollar was already collapsing with 500% inflation, before this crisis dealt a debilitating blow. We believe that ZIMBOCASH is perfectly positioned to solve this problem by fixing the amount of money in the country using blockchain technology. Our aim is to provide sound-money. Philip Haslam, Head of Communications at ZIMBOCASH I believe Philip’s comments about ZIMBOCASH b
Here is a long letter charging EcoCash, its CEO- Natalie Jabangwe and Director (CEO of its holding company, Cassava Smartech) of crimes under Zimbabwe’s anti money laundering laws: OVERVIEW We write to advise you of the Financial Intelligence Unit (HU)’s intention to penalize: (a) Ecocash (Private) Limited (Ecocash); (b)Natalie Jahangwe, 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’s failure to carry out its obligations in terms of the Act is directly attributable to the incompetence, ineptitude and unprofessio
Posted Sat 09 May 2020 by Tinashe Nyahasha (@tnyahasha) The fight between EcoCash and their regulator, the Reserve Bank of Zimbabwe is revealing if nothing more. Of course the current episode started with a directive from RBZ instructing EcoCash to freeze agent accounts that transact above ZW$100,000. EcoCash went to court seeking an urgent reversal, the RBZ responded and now we are here. Reading the EcoCash lines and between them The Econet group knows how to play in two arenas very well: the arena of the courtroom and the arena of public opinion. When EcoCash was served with the directive they didn’t hesitate to indite RBZ in the public opinion courtroom. They presented their issue: 11 million EcoCash mentions 11 million customers in the above notice to the public and se