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EcoCash suspends agent, bulk payer lines in compliance with RBZ directive

EcoCash suspends agent, bulk payer lines in compliance with RBZ directive

FinTech, Mobile Money, News, Security
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
Cassava share price unfazed by allegations

Cassava share price unfazed by allegations

FinTech, Gizmos, Mobile Money, Security
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 ...

EcoCash CEO & Cassava CEO Charged Under Anti Money Laundering Law

FinTech, Mobile Money, Security
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
Both EcoCash And RBZ Are NOT Being 100% Sincere And Truthful

Both EcoCash And RBZ Are NOT Being 100% Sincere And Truthful

Breaking News, FinTech, Mobile Money, News, Security
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
A Certain Person ‘Spins’ Money When EcoCash Payments Delay Says RBZ Governor Mangudya

A Certain Person ‘Spins’ Money When EcoCash Payments Delay Says RBZ Governor Mangudya

FinTech, Security
So the story of the week has been the directive issued by the Financial Intelligence Unit of the Reserve Bank of Zimbabwe to EcoCash instructing them to freeze the accounts of agents that transact above ZW$100,000 (USD2,000 or USD4,000) per month. Of course, EcoCash went to court to have the order urgently suspended. On Friday, the Reserve Bank of Zimbabwe submitted their opposition to the urgent application at the High Court of Zimbabwe. The papers filed by both parties show that gloves are off in this one. We already talked about how EcoCash accused the Financial Intelligence Unit of ignoring their reports on suspicious transactions submitted by the mobile money operator. Currency manipulator at EcoCash The opposing affidavit written by the governor of the RBZ makes a very

Information Ministry Twitter Account Banned and Deleted

Security, Social Media
The Ministry of information, publicity and broadcasting Twitter account @InfoMinZw has been effectively banned and deleted by Twitter for possible violation of Twitter rules. This is not the first time the account has been under fire, but the last time it was only suspended, however, it seems now the account is completely deleted and it’s no longer redirecting to the username. Twitter has effectively suspended and deleted the handle @InfoMinZw which is now unavailable. When we reached out to the permanent secretary of the ministry, Nick Mangwana, he said that Twitter had not given any actual reasons for suspension or violations, but there were trying their best to get the account recovered. It, however, seems to be all but a lost battle as twitter seems to now have delete
Zim Now Has $25m For Space Satellite Centre

Zim Now Has $25m For Space Satellite Centre

Breaking News, Gizmos, Media, Security, What's Hot
When the National Budget was announced last November, the proposed setting aside of resources for the launch of a satellite raised a lot of eyebrows. Whilst there wasn’t much in the way of updates, the Minister of Higher & Tertiary Education, Innovation Science and Technology Prof. Amon Murwira recently confirmed that TelOne’s Satellite Centre is set for a $25 million upgrade; We hope that as we start the next quarter, work will have begun. The work will be done by staff from our ministry. More than $25 million has been allocated to us for the setting up of infrastructure at the centre in Mazowe. Prof Amon Murwira Why satellites? One of the biggest questions raised at the time was whether or not the money that would be invested in this
Econet Dismisses False Claims That They’ve Declared A National Shutdown

Econet Dismisses False Claims That They’ve Declared A National Shutdown

Jobs, Media, Mobile Money, Security, Telecomms, What's Hot
Recently, there was a voice note circulating on social media and WhatsApp and the person behind it claimed to be an Econet employee who had been informed that at some point this week the telecoms company will close down its shops. An Econet spokesperson refuted the message and said their shops will remain operational as they take measures to safeguard against the virus; While we are taking all the necessary steps and precautions to protect our staff and customers at this time, there is no truth whatsoever in claims that we have ‘declared a national shutdown. It is not our place or responsibility to make any such public healthcare pronouncements which we believe are the prerogative of the government and public healthcare experts. Our shops will be ope
Jack Ma & Alibaba Foundations Donate COVID-19 Medical Equipment To AU Member States

Jack Ma & Alibaba Foundations Donate COVID-19 Medical Equipment To AU Member States

News, Security
Africa’s response to the Coronavirus Disease (COVID-19) outbreak received a boost today as the Africa Centres for Disease Control and Prevention (Africa CDC) and the Government of Ethiopia received a consignment of medical equipment from the Jack Ma and Alibaba Foundations. The shipment included over 1.5 million laboratory diagnostic test kits and over 100 tons of infection prevention and control commodities. This relief initiative was launched by the Prime Minister of Ethiopia, Dr Abiy Ahmed, the Jack Ma Foundation, and Alibaba Foundation as part of actions towards implementation of the Africa joint continental strategy for COVID-19 led by the African Union through Africa CDC. On behalf of the Chairperson of the African Union, His Excellency, C
Zororo Makamba Dies Of COVID 19, Zimbabwe’s Health Minister’s Lies And The Danger

Zororo Makamba Dies Of COVID 19, Zimbabwe’s Health Minister’s Lies And The Danger

Breaking News, News, Security, Social Media, What's Hot
On Saturday the Minister of Health confirmed that there were two new confirmed COVID 19 cases in Zimbabwe. Other sources were saying there were actually two new cases bringing the total confirmed cases to 3. Word started spreading on social media that one of the two new cases was Zororo Makamba a media personality and son to businessman and co-owner of Telecel Zimbabwe, James Makamba. The minister of health then came on record and claimed that he had never even heard of the name Zororo Makamba before. This was after being quized about citizen questions on why Zororo was being treated at a hospital that has not been designated to handle COVID 19 cases. The minister’s exact words: All Our Covid 19 virus suspects and patients are only admitted at Wilkins hospital, th