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Government suspends Ecocash, One Money and other phone-based monetary transactions

Government has, with immediate effect, suspended phone-based monetary transactions in a bid to ‘arrest and prosecute offenders.’

The press statement was released by the Secretary  for Information and Broadcasting Services, Nick Mangwana, and part of it highlights that ‘Ecocash, in particular, is acting as the centre pivot of the galloping black market foreign exchange rate and therefore, fuelling the incessant price hikes of goods and services that are bedevilling the economy and causing untold hardship to the people of Zimbabwe.’

These measure taken by the government will include the suspension of all trading on the Zimbabwe Stock Exchange (ZSE).

The action happens in a country that is relying much on mobile monetary transaction. Whether or not the action is strategically propelled, this may create more harm than good.

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About Nathan Makombe