Kiyapili Sibanda, Business Reporter
LEADING mobile money transfer service, EcoCash owned by Econet Wireless Zimbabwe has quashed rumours circulating on social media that it is closing accounts holding balances above $1 000 and not registered for business.
The message circulating on social media platforms reads: “Econet to block all Econet mobile numbers not registered as business lines with $1 000 EcoCash balance.”
In a statement, Econet media relations and communication executive Mr Fungayi Mandiveyi said the message circulating on social media was factually incorrect and no adjustments had been made to the monthly limits.
“We would like to advise all EcoCash customers that there are messages circulating on social media about closure of some accounts.
“Kindly note that these are factually incorrect as there have been no adjustments made to monthly limits.
“We encourage all our customers to continue transacting as normal,” he said.
He told Business Chronicle in an interview that the messages were being circulated by some “few” individuals who have had their EcoCash accounts closed due to some fraudulent activities they were involved in using EcoCash.
“That is coming from some few individuals based in the Diaspora whose EcoCash accounts have been closed because they were committing fraud using EcoCash,” he said
Last month, EcoCash implemented international limit restrictions on its MasterCard debit card due to foreign currency challenges being experienced in the country.
The MasterCard limits for international transactions were reduced to $100 per month, Point of Sale (POS) at $75 per month and Automated Teller Machine (ATM) withdrawal $25 per month.
Econet said the situation was beyond their control and advised its customers that the position would be under constant review in line with the prevailing market conditions.
The mobile banking facility in July this year, also cut its tariffs on all merchant payments by up to 50 percent in its effort to reduce cost of transacting using the mobile money transfer platform.
Following the cash crisis the country has been experiencing since April last year due to externalisation of foreign currency and other illicit dealings such as money laundering, the Reserve Bank of Zimbabwe (RBZ) has encouraged the transacting public to make use of plastic money and electronic payments systems such as mobile money transfer services like EcoCash.