The government’s recent introduction of bond notes seems to be worsening the country cash crisis and causing panic withdrawals from banks, with nervous Zimbabweans overwhelming financial institutions in their anxious bid to take out all their monies by all means possible. In December, Econet was the first to suspend Ecocash payments for DStv for 2017.
And now it seems Telecel has followed. Telecel, today has issued a statement announcing the suspension of Telecash DStv payment, starting 1 March 2017.
In the statement, Telecel said :
Due to factors beyond our control, DSTV payments on Telecash will cease on 28 February 2017, till further notice. All other services remain available.
This means that the DStv clients will have to physically visit the payment stores and outlets to pay for their DStv. Users can also make online payments via DStv website.
In January this year Ecocash has re-introduced DSTV payments via its RANDS wallet feature. A move which we will see Telecash following.
Several banks such as FBC and MBCA recently disabled Visa and MasterCards. The Reserve Bank of Zimbabwe also capped the amount of money one could take out of the country to $5 000.
Cash shortages and delays in foreign payments have also affected companies and most importers. This has been linked to depletion of nostro reserves, which are funds for local banks held in foreign accounts.