EcoCash was dealt another blow when the High Court refused to set aside an RBZ Directive that blocked EcoCash Agents’ accounts. And also less than a week ago, RBZ’s Financial Intelligence Unit instructed Steward Bank not to allow ineligible EcoCash Agents to process money into trust accounts.
What’s confounding is that despite these apparent restrictions on EcoCash, the black market is still flourishing.
Of course, the Directive to Steward Bank somewhat decelerated the increase of the black market exchange rate on the EcoCash platform. But on other platforms such as ZIPIT and OneMoney, the black market exchange rate was not affected by the Directive. Rather, the the black market rate on ZIPIT and OneMoney is on a steady increase.
This clearly shows that the black market doesn’t need the EcoCash platform to thrive – the black market can perfectly flourish on ZIPIT and OneMoney platform as well.
Evidently, the use of EcoCash,ZIPIT and OneMoney for foreign currency transactions is just a symptom of an underlying problem. Instead of trying to muzzle EcoCash, the RBZ should address or tell the government to address the problem that is sustaining the existence of the black market.