News / National
EcoCash investigates unscrupulous agents
07 Jun 2018 at 07:22hrs | Views
Econet is investigating claims that some EcoCash agents are offering cash outs at a premium.
In a statement yesterday, Econet said it routinely did security checks on its agents to clamp down on the practice.
"EcoCash routinely carries out system reviews and security checks on its agent network to ensure transaction process integrity, and to protect the public from irregular and outright fraudulent activities," the company said.
"Where any suspicious activities are detected, EcoCash investigates and takes appropriate corrective action, including suspending or barring the offending agent.
"From these standard system reviews and security checks, EcoCash shares STRs (suspicious transactions reports) with the regulator (the Reserve Bank of Zimbabwe) as a compliance requirement.
"EcoCash wishes to assure its customers and the transacting public that the overwhelming majority of its 30 000 agents continue to trade normally throughout the country."
With the cash shortages, there have been reports that some EcoCash agents were charging a premium for cash outs.
Sources say these EcoCash agents target small business owners, who handle cash on a daily basis by offering high premiums for any amount of cash they generate.
The sources told the paper that after receiving the cash, the agents, instead of documenting and remitting it, keep the money for resale at even higher premiums to their customers.
Central bank governor, John Mangudya said he was unaware of the banking sector reporting missing or seeing large sums of money not being remitted through formal channels.
"We will have to look into that. I am not aware of it," he said.
EcoCash is the largest mobile money platform in the country.
At the end of 2017, EcoCash transactions accounted for 97,6% of the total mobile money transactions worth $1,62 billion.
In a statement yesterday, Econet said it routinely did security checks on its agents to clamp down on the practice.
"EcoCash routinely carries out system reviews and security checks on its agent network to ensure transaction process integrity, and to protect the public from irregular and outright fraudulent activities," the company said.
"Where any suspicious activities are detected, EcoCash investigates and takes appropriate corrective action, including suspending or barring the offending agent.
"From these standard system reviews and security checks, EcoCash shares STRs (suspicious transactions reports) with the regulator (the Reserve Bank of Zimbabwe) as a compliance requirement.
"EcoCash wishes to assure its customers and the transacting public that the overwhelming majority of its 30 000 agents continue to trade normally throughout the country."
With the cash shortages, there have been reports that some EcoCash agents were charging a premium for cash outs.
The sources told the paper that after receiving the cash, the agents, instead of documenting and remitting it, keep the money for resale at even higher premiums to their customers.
Central bank governor, John Mangudya said he was unaware of the banking sector reporting missing or seeing large sums of money not being remitted through formal channels.
"We will have to look into that. I am not aware of it," he said.
EcoCash is the largest mobile money platform in the country.
At the end of 2017, EcoCash transactions accounted for 97,6% of the total mobile money transactions worth $1,62 billion.
Source - newsday
