Categories: Zim Latest

EcoCash threatens total shutdown over cash transaction bans

Cassava Smartech, the parent company of Ecocash – Zimbabwe’s biggest mobile money payment platform, have stated that in order for them to fully comply with the directive from the RBZ, they would effectively need to shut down the whole Ecocash system, as the ability for one to Cash-In and Cash-Out is core to their system.

The company revealed this in its urgent application at the High Court which is meant to stop the implementation of the directive by the Reserve Bank of Zimbabwe.

The RBZ directed that cash-in, cash-out and cash-back should be suspended as they were fueling money laundering.

Part of Cassava Smartech’s application reads:

The Respondent (RBZ) has directed the Applicant (Cassava Smartech) to shut down the cash in and cash out facilities of its system purporting to be acting under Section 10 of the National Payments Systems Act [Chapter 24: 23]. The Applicant is already in the process of implementing the Directive with the possibility of a complete shut down of the Ecocash platform as a whole to enable completion of the process.

Share

Recent Posts

YADAH FC Secures Khama Billiat’s Signing, NO Dynamos Deal

YADAH FC is poised to introduce former Zimbabwean international, Khama Billiat, with an unveiling event… Read More

21st February 2024

Alleged Vehicle Smuggling Ring Involving State Agencies Uncovered in Zimbabwean Court Case

A recent court case has brought to light a covert operation involving the smuggling of… Read More

21st February 2024

Tiktok star Bobbi Athoff trending over alleged video leaks

Alleged Bobbi Athoff Leaks Circulate Online, Fans Suspect AI Bobbi has not yet responded to… Read More

21st February 2024

Woman Arrested for Posting Images of Child Shaving Nude Women on Social Media

The woman accused of posting her child waxing nude women on social media has been… Read More

21st February 2024

Khama Billiat’s Potential Move to Yadah FC Sparks Speculation in Zim Domestic Football…VIDEO

Yadah FC officials welcome Khama Billiat at Harare Airport Former Zimbabwe Warriors star Khama Billiat… Read More

21st February 2024

We’re in talks with ‘The State and Sengezo Tshabangu to get back our captured organization’ – implies CCC president Welshman Ncube

Citizens Coalition for Change (CCC) acting president Prof Welshman Ncube says his party is engaging… Read More

20th February 2024