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BREAKING: Mnangagwa suspends phone based mobile money transactions

by Mandla Ndlovu
26 Jun 2020 at 18:47hrs | Views
President Emmerson Mnangagwa's government has banned the use of mobile money platforms with immediate effect.

In a statement issued by Secretary for Information Ndabaningi Nick Mangwana, thew move was a follow up to a threat made by Mnangagwa at the burial of national hero Stanley Gagisa recently.

Said Mangwana, "Ecocash, OneMoney, Telecash and MyCash Mobile Money platforms are all complicit in illicit activities in varying degrees. Ecocash, however, which controls nearly 94% of all mobile money transactions, is the centre pivot of this problem and its resultant impact on Zimbabwe's economy.

"The impact is exacerbated by the existence of fake counters on the Zimbabwe Stock Exchange, which are epitomized by the so-called Old Mutual Implied Exchange Rate (OMIR). This, in turn, results in four or more US:ZWL paratlel market exchange rates operating in the market. At-any time, therefore, there is the official rate, an Ecocash rate, OneMoney rate and the OMIR among others.

"AS the RBZ Governor aptly observed recently, there are multiple contrived phantom exchange rates in use in the Zimbabwe Economy, which conspire to defeat fiscal policy."

Source - Byo24News