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Cash dealers milk Tongaat workers as cash crunch bites

by Staff reporter
31 Oct 2016 at 06:54hrs | Views
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Cash dealers who are taking advantage of the cash crisis in the country are milking Tongaat Hulett workers who are paid through ecocash.

It's already a dejavu to 2008 when all cash, local and foreign currency was obtained on the black market.

The workers said many times registered agents are running out of money and this is forcing the workers to get money from cash barons.

The cash barons are asking the workers to do ecocash transfers into their accounts. For every $10 transaction an extra $3 is charged to cover for EcoCash charges and their interest for providing ready cash and to get $50 one is compelled to folk out at least $59 for the service.

Police could not be reached for comment.
This is seriously eroding their take-home income.

Thousands of people are seen milling around EcoCash agents in search of cash but they end up seeking the services of cash dealers who order them to transfer a higher figure into their Ecocash accounts than what they will be given.

"I am a contract worker at Tongaat Hulett and my employer pays my salary through EcoCash and we get our salaries promptly.

"Our major challenge is to get cash from the EcoCash registered agents and this is affected by the current shortage of cash the country is facing. We end up going to cash barons who are mostly foreign currency dealers and these people make a fortune out of us. For every $50 you are charged an extra $9 and one is also compelled to pay $3 extra to cash out $10. You transfer the money into these cash barons' Ecocash accounts and they provide you with cash"

"That is the life thousands of us are experiencing every day and we have no other options. Some of the registered Ecocash dealers are also embroiled in this 'money spinning game' as they give cash to others while others are not given under unclear criteria," said Knowledge Moyo who is a Tongaat Hulett employee.

Source - Masvingo Mirror