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EcoCash agents breach RBZ ban
Farai Matiashe ·
EcoCash agents and money changers have resorted to use of send money facility using personal lines to remain in business following the ban on cash-in and cash-out facilities by the Reserve Bank of Zimbabwe (RBZ) this week.
On Monday, the RBZ directed all mobile payment system providers and merchants to discontinue cash-in and cash-out and also ordered those who offer cash-back to stop the facility.
The RBZ is accusing mobile money agents of piling misery on citizens by charging premiums when cashing out, causing the Zimbabwean dollar to continue losing value in the process.
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