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. 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.
RELATED READING: ZIMBABWE BANS CASH IN, CASH OUT AND CASH BACK
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.
