The UK Financial Times News papaer has reported that the ZANU PF, Zimbabwe has Government accused Mobile Money operators such as Ecocash and the stock exchange of aiding and abetting in the attempted sabotage of Southern African nation’s currency.
Apparently Ecocash has been accused by ZANU PF of conspiring to sabotage the already collapsing Zimbabwe Dollar.
Ecocash, which is Zimbabwes largest mobile money organisation, has intimated that only the central bank has the legal authority to order such a suspension, thus “We (Ecocash) urge all Ecocash users . . . the majority of whom do not have bank accounts, to remain calm and continue to do your lawful transactions as usual.”
The ZANU PF junta government is reported to have ordered the suspension of transactions on mobile-money services, which are the main form of payments in the cash-strapped southern African nation, on Friday.
The Zimbabwe Stock Exchange was also ordered to stop trading in arguably one of the strangest occurrences seen.
The challenge the Government has is that Millions and millions of Zimbabweans rely heavily on mobile money operators, for basic payments as it is difficult to obtain physical cash and this may be seen as a tool for the formalisation of the informal sector, so banning mobile money is extremely strange.
Source:- Financial Times
https://www.ft.com/content/f0d7ab8a-ea25-4599-b5ab-17cf4c1919a0
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