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RBZ Outlaws All Ecocash Cash In , Cash Out And Cashback Facilities

FinTech

RBZ Outlaws All Ecocash Cash In , Cash Out And Cashback Facilities

Reserve Bank of Zimbabwe (RBZ) has reportedly issued a directive instructing EcoCash and other mobile money providers to stop facilitating cash-in and cash-out transactions.

The RBZ has taken the fight to another level as last week froze Accounts belonging to Sakunda,Croco Motors. The Latest move to suspend cash in and cashout facilities could deal a death blow to the black market.

EcoCash is being accused of perpetuating rent-seeking and economic sabotage by exploiting cash-strapped citizens through cash-out premiums, but is this accusation justified?

Below is the RBZ statement:

Proud Zimbabwean Citizen, loving everything Tech related.

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