EcoCash threatens complete shutdown

ZIMBABWE Stock Exchange (ZSE)-listed Cassava Smartech Zimbabwe Limited, a subsidiary of Strive Masiyiwa’s Econet Wireless, has threatened a complete shutdown of its EcoCash platform if the Reserve Bank of Zimbabwe (RBZ) insists on its ban on cash-in, cash-out transactions effected on Monday.

The RBZ on Monday effectively put 50 000 EcoCash agents out of work after banning cash-in and cash-out services accusing them of “engaging in illegal activities”, including selling cash at a premium.

The ban curiously came after Masiyiwa last week said the RBZ should take the blame for starving the market of cash, creating opportunities for arbitrage.

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