The government has listed the following irregularities and illegalities by EcoCash and mobile money platforms in Zimbabwe:
Illegal externalization of foreign currency through transfer mispricing
Acting as banks outside the purpose for which they were originally licensed, as non-banking financial institutions
Fraudulently creating and issuing non-attributable and non-auditable agent cellphone lines accounts
Hiding irreconcilable accounts in suspense accounts which hold huge credit balances for unjustifiably long periods
Conspiring with big merchants to act as their conduit through which they transfer hundreds of millions of dollars per day to runners on the streets who then buy US dollars on their behalf
Rampant, often arrogant, non-compliance with directives issued by the Reserve Bank of Zimbabwe and the Financial Intelligence Unit
Facilitating illicit trade in notes and coins, at contrived rates of between 30% and 50%, thus causing artificial shortages of the same within the banking system
Criminally allowing agent lines that were banned by the RBZ to continue trading illegally
Ssing bulk airtime sales at discounted prices which are cross rated to phantom USD exchange rates which further distort the Zimbabwe market and deliberately mop up US Dollars from the black market
The existence of fake counters on the Zimbabwe Stock Exchange which are epitomised by the so-called Old Mutual implied Rate (OMIR)
Multiple contrived phantom exchange rates in use in the Zimbabwe Economy which conspires to defeat fiscal policy
Mangwana went on to point the blame on EcoCash saying:
Ecocash in particular, is acting as the centre pivot of the galloping black market foreign exchange rate and therefore, fueling the incessant price hikes of goods and services that are bedevilling the economy and causing untold hardship to the people of Zimbabwe.”
The secretary went on to say the impact has been compounded by the existence of fake counters on the Zimbabwe Stock Exchange which results in four or more US:ZWL parallel multiple contrived phantom exchange rates operating in the market which conspires to defeat fiscal policy.
“At any time, therefore there is the official rate, an Ecocash rate, OneMoney rate and the OMIR among others.” ~ PS Mwangwana
On the other hand, the demand for bitcoin has skyrocketed, with some sources claiming bitcoin is now selling at at 18% premium above the market rate.
Share the referral ID of the accounts you are going to use in this form and be sure to add our group name (Bitcoin KE). Please note that this offer is exclusive to specific communities, like Bitcoin KE, and is not openly and publicly available.