On Monday the Reserve Bank of Zimbabwe (RBZ) stopped operators of mobile-money services, the dominant way in which money is moved in Zimbabwe, from doing cash in and cash out transactions.
RELATED READING: ZIMBABWE BANS CASH IN, CASH OUT AND CASH BACK
Therefore, following yesterday’s ban on cash-in and cash-out transactions, EcoCash has filed an urgent application at the High Court seeking to overturn the Reserve Bank of Zimbabwe’s ban.
Below are the court papers filed by Cassava Smartech, EcoCash’s parent company:
Analysts, however, described the move as firefighting, saying the central bank is dealing with symptoms and not solving the real problem, which is limited availability of cash.
Ecocash, a mobile-money service operated by Econet Wireless Zimbabwe Ltd., has 6.7 million active users in a nation of about 14 million people. It’s the first time since its introduction in 2011 that its users haven’t been able to use the so-called cash-back service.
