Econet Mulls Complete Ecocash shutdown

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HARARE- Listed telecommunications service provider Cassava Smartech has made an emergency chamber application seeking to reverse the RBZ directive issued on Monday that banned cash in, cash out and cashback facilities on its EcoCash.
In the application, the telecoms company says it is still in the process of complying with the central bank directive but is considering completely shutting down Ecocash.
The fate of millions of Ecocash subscribers whose tens of billions sit on the mobile money platform is at stake.
“The applicant for the management of mobile money transfer platform that has over 10.562.070 users of which 6.400.000 been active during that last 90 days.
From September 2011, when the Cash In facility was introduced 227.519.851 Cash In transactions worth US$ 10.195.546.216 plus ZW$ 7.542.785 have been conducted.
On the other hand 387.308.926 Cash-Out transactions worth US$ 8.657.704.00 plus ZW$4.142.862,” said Cassava in a statement.
In the application, Cassava says it seeks the High Court’s ruling to force RBZ to temporarily stop the implementation of the directive.

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