EcoCash not closing any accounts

EcoCash not closing any accounts
Published: 12 September 2017 (1033 Views)
LEADING mobile money transfer service, EcoCash owned by Econet Wireless Zimbabwe has quashed rumours circulating on social media that it is closing accounts holding balances above $1 000 and not registered for business.

The message circulating on social media platforms reads: "Econet to block all Econet mobile numbers not registered as business lines with $1 000 EcoCash balance."

In a statement, Econet media relations and communication executive Mr Fungayi Mandiveyi said the message circulating on social media was factually incorrect and no adjustments had been made to the monthly limits.

"We would like to advise all EcoCash customers that there are messages circulating on social media about closure of some accounts.

"Kindly note that these are factually incorrect as there have been no adjustments made to monthly limits.

"We encourage all our customers to continue transacting as normal," he said.

He told Business Chronicle in an interview that the messages were being circulated by some "few" individuals who have had their EcoCash accounts closed due to some fraudulent activities they were involved in using EcoCash.

"That is coming from some few individuals based in the Diaspora whose EcoCash accounts  have been closed because they were committing fraud using EcoCash," he said

Last month, EcoCash implemented international limit restrictions on its MasterCard debit card due to foreign currency challenges being experienced in the country.

The MasterCard limits for international transactions were reduced to $100 per month, Point of Sale (POS) at $75 per month and Automated Teller Machine (ATM) withdrawal $25 per month.

Econet said the situation was beyond their control and advised its customers that the position would be under constant review in line with the prevailing market conditions.

The mobile banking facility in July this year, also cut its tariffs on all merchant payments by up to 50 percent in its effort to reduce cost of transacting using the mobile money transfer platform.

Following the cash crisis the country has been experiencing since April last year due to externalisation of foreign currency and other illicit dealings such as money laundering, the Reserve Bank of Zimbabwe (RBZ) has encouraged the transacting public to make use of plastic money and electronic payments systems such as mobile money transfer services like EcoCash.

- chronicle

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Omega Sibanda launches his Zanu-PF campaign

by Staff reporter | 21 June 2018 | 51 Views

Chinamasa proud of bins ceremony

by Staff reporter | 21 June 2018 | 66 Views

Mnangagwa to tour Ekusileni

by Staff reporter | 21 June 2018 | 51 Views

Andy Muridzo wife refuses to kiss him in public

by Staff reporter | 21 June 2018 | 64 Views

Omega Sibanda launched his Zanu-PF campaign

by Staff reporter | 21 June 2018 | 55 Views

Spot FM changes name to Classic263

by Ndou Paul | 21 June 2018 | 34 Views

Mnangagwa takes campaign trail to Bulawayo

by Staff reporter | 21 June 2018 | 45 Views

ZESA employee electrocuted in Bulawayo

by Staff reporter | 21 June 2018 | 45 Views

Are tattoos good for our youths

by Tondorindo | 21 June 2018 | 46 Views

Welcome back our Original Mazoe drink

by Thomas Murisa | 21 June 2018 | 50 Views

Zanu-PF candidates threatening to shut down churches in Hobhouse

by Fanuel Chinowaita | 21 June 2018 | 59 Views

Mnangagwa to resume issuance of grants

by Staff reporter | 21 June 2018 | 43 Views

Your success is in your state of mind

by Enos Denhere | 21 June 2018 | 44 Views

Chamisa showed his true colours when he chose Mugabe over Khupe

by Anthony Mkondo | 21 June 2018 | 57 Views

Mutsvangwa barred from evicting Chipanga from farm

by Staff reporter | 21 June 2018 | 78 Views

Parly exposes Obert Mpofu

by Staff reporter | 21 June 2018 | 73 Views

Mugabe ally in court over political violence

by Staff reporter | 21 June 2018 | 64 Views

Chamisa to boycott Zimbabwe polls?

by Staff reporter | 21 June 2018 | 117 Views

WATCH: Zanu PF, MDC Alliance square off in TV debate

by CNBC Africa | 21 June 2018 | 98 Views

Woman to contest DNA test for 3rd time

by Staff reporter | 21 June 2018 | 91 Views

MTN increase LTE coverage and download speeds

by MyBroadband | 21 June 2018 | 56 Views

Mutsvangwa booed, storms out of debate

by Staff Reporter | 21 June 2018 | 156 Views

#ChinamasaChallenge a hit on Twitter

by Ndou Paul | 21 June 2018 | 127 Views

Teachers slam Mnangagwa

by Staff reporter | 21 June 2018 | 102 Views

Spot FM Zimbabwe change name to Classic263

by Ndou Paul | 21 June 2018 | 80 Views

Zuma warned Chamisa against pact with Mugabe

by Staff reporter | 21 June 2018 | 182 Views

Mugabe's health condition 'is nothing serious'

by AFP | 21 June 2018 | 82 Views

Mukupe ordered to return journalist's cellphone

by MISA | 21 June 2018 | 77 Views

Cleansing ceremony for Gweru- Kwekwe highway black spot

by Staff reporter | 21 June 2018 | 124 Views

.Man hangs self in neighbour's yard

by Staff reporter | 21 June 2018 | 152 Views

Peter Ndlovu's story told in World Cup advert

by Staff reporter | 21 June 2018 | 170 Views

Banks set to cut transaction costs

by Staff reporter | 21 June 2018 | 133 Views