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What has just happened?
Secretary of Information, Nick Mangwana instructed mobile money platforms and Zimbabwe Stock Exchange to suspend trading on their platforms.
Nick Mangwana said the platforms are being used to stifle government’s efforts to revive the economy, so as a result, they will conduct investigations to bring to book “economic saboteurs” a.k.a “wolves in sheep skins”
What happens to your money?
Can you still transact on EcoCash, OneMoney and Telecash?
People are still able to transact on the mobile money platforms despite yesterday’s statement clearly stating that transacting should be “immediately” suspended.
Why have mobile money platforms continued to allow people to transact despite the ban?
On Ecocash’s part, they are still allowing people to transact because they didn’t receive an instruction from their regulator, the RBZ, to switch off their platform. We assume that is also the reason why OneMoney and Telecash still allow customers to transact on their platforms.
Indeed, Nick Mangwana is only a Secretary of Information so he doesn’t have an authority to issue a Directive. That duty falls under the RBZ and the Ministry of Finance.
Until the RBZ or the Ministry of Finance issues Directive to mobile money platforms, you can continue to transact on EcoCash, Telecash and OneMoney.