We understand that as the cash crisis in the country looms some people are tending to take advantage of the situation and in the process worsening the already terrible current situation at hand, hence making it even economically unbearable for the greater mass. Therefore, we appreciate the efforts by both the government and EcoCash in their bid to make people responsible of these kind of malpractices accountable. EcoCash stepped up, threatens to block and fire agents that charge premium on cash transactions.

Most EcoCash agents are charging a premium of up to 25% on cash out transactions. EcoCash General Manager, Natalie Jabangwe Morris said her company and RBZ had deployed strong monitoring mechanisms and those found wanting would be blocked from the system.

EcoCash General Manager, Natalie Jabangwe Morris said:

“Without doubt, we are working together with the Central Bank to make sure that we monitor agents that are taking advantage of customers because it is not allowed. We are immediately blocking them and taking them off the system, because this is definitely something that we do not subscribe to as EcoCash.”

Back in September, in a ministerial address in Parliament, Former Finance Minister Patrick Chinamasa urged the public to report Ecocash agents who are charging extra to the Reserve Bank of Zimbabwe (RBZ) or Econet.

Chinamasa said the act was illegal:

Extra charges being levied by merchants and agents over and above the agreed levels are illegal and the public being abused by these agents should report to Econet and the RBZ.

Government recently gazetted amendments to the exchange control regulations to curb financial malpractices brought about by the deteriorating economic environment. The regulation prescribe jail term of up to 10 years for cash dealers.

EcoCash has over 3.2m active users and enjoys a 98% market share within the mobile money sector.

They are some agents who argue that they are forced to buy cash at a premium to be able to continue trading for survival in light of prevailing cash shortages. As such they are passing on the cost to subscribers after buying the cash from traders, but still it doesn’t justify their wrongdoing, it’s wrong and they must be accountable.

Current EcoCash Tariffs

The EcoCash tariffs have been reduced effective 1 August 2017. Dial 114 or visit the EcoCash website on www.econet.co.zw/ecocash for more info.

Agents are not allowed to charge customers any extra amount above the applicable approved Cash-Out tariffs automatically deducted from the phone. Customers are encouraged to report such malpractices to Ecocash toll-free number 114/111 or alerting the nearest Econet shop. You could also reach them via their Econet Facebook | Econet Twitter.