Zimbabwe’s largest mobile banking platform, EcoCash says it has so far suspended over 4 000 agents and will not hesitate to act accordingly on any reported cases of charging above the authorised commission levels outsides the transfer platform.
EcoCash says this as the black market cash out rates surge into 40%, with cash shortages persisting in Zimbabwe.
“EcoCash advises all Agents that it does not condone any illicit activities by Agents,” the platform says in a public notice.
“We have consistently maintained this position in our various communication directly to all Agents through the various forums we hold across the country.”
EcoCash reveals of suspending over 4 000 Agents after the National Business Council of Zimbabwe (NBCZ) wrote a letter addressed to the banking platform’s Chief Executive Officer Natalie Jabangwe concerning the charges.
The letter says EcoCash Agents have systematically eroded the platform’s balances by charges by charging up to 60% on cashing.
“Your agents have singlehandedly brought untold suffering to all Zimbabweans to the extent that the rest of the working class is literally working to enrich your agents in particular and EcoCash in general,” the company says.
“As the Chief Executive Officer presiding over the single most used financial platform, it is incumbent upon you to ensure that these unscrupulous extortionists masquerading as EcoCash Agents stop perpetuating this madness that is crippling our economy.
With cash shortages persisting in Zimbabwe, mobilbe banking has come as an option for transactions.
The black market has taken advantage of the liquidity crunch in the country to make cash a commodity that can be sold and traded.