Home News Govt Suspends Mobile Money Services.

Govt Suspends Mobile Money Services.

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Government has with immediate effect suspended all transactions on phone based mobile money platforms and trading on the Zimbabwe Stock Exchange in a move aimed at curbing and investigating illicit activities.

Mobile money platforms are accused of fueling illegal activities in the Zimbabwean economy.

In a statement issued this evening by the Permanent Secretary in the Ministry of Information, Nick Mangwana, Ecocash, Onemoney, Telecash and Mycash are all involved in these illicit activities in varying degrees.

According to the statement, government is in possession of impeccable intelligence which constitutes a prima facie case in which phone based mobile money systems of Zimbabwe are conspiring with the help of the Zimbabwe Stock Exchange in illicit activities that are sabotaging the economy.

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Mangwana added that illicit activities include externalisation of foreign currency through transfer mispricing, acting as banks with Ecocash in particular holding in excess of ZWL$8 billion in just over 501 000 agent lines as at 10 June 2020.

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