Mnangagwa Says EcoCash Was Sabotaging The Economy
President Emmerson Mnangagwa has attacked the country’s biggest mobile money company Ecocash, accusing it of sabotaging the economy and causing the country’s runaway inflation.
According to the President, EcoCash was creating billions of dollars of phantom money, which was prompting the country’s inflation to skyrocket. He went on to assert that the government had decisively dealt with the alleged scourge by taking a knobkerrie and pummelling ‘them’ (takatora tsvimbo ndokurova) .
The Sunday Mail reports that President Emmerson Mnangagwa said the remarks while addressing ZANU PF Midlands Provincial Coordinating Committee (PCC) members in Gweru on Saturday.
Said the President,
“We realised that Ecocash was behind all this so we studied this thing and got to their server and found everything, every corruption and takatora tsvimbo ndokurova, it was painful to others but we said we only allow limited mobile money and it must reflect in the account.
“We were all confused as to what was happening until we set up a committee and we discovered there was up to $8,4 billion circulating outside the banking system, which money in financial terms, is phantom money, which is some sort of ghost money whose source no one knows.
“We also discovered that there were people on the streets, a lodger who does not own a house but in his or her mobile phone there is $86 million, which he or she is trading, not employed, no one complaining of losing money, it was confusing,”
The president also said that his administration will leave no stone unturned in its efforts to fight corruption.
In August, the Reserve Bank of Zimbabwe (RBZ) severely curtailed the impact and of reach of mobile money by banning all agent lines permanently. The move severely affected all mobile money companies, but EcoCash in particular, as the company’s market share was greater than 90 percent.
The RBZ claimed that the agent lines were being used for illicit financial transactions, primarily illegal foreign currency exchange transactions. The central bank has also alleged that EcoCash was running an elaborate Ponzi scheme which was accelerating the black market exchange rate and devaluing the Zimbabwe Dollar.
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