Mobile money ban: Zim ‘has cut consumers off at the knees’
EcoCash owner fights back after country’s central bank shuts down 50,000 mobile money agents
Zimbabwean billionaire Strive Masiyiwa has turned to the courts in a desperate bid to challenge the government’s latest decision to ban mobile money services, a devastating move that effectively excludes the majority of the population from doing business.
As the country battles cash shortages, more than 10 million EcoCash users, in a population of about 16.5 million, have been using Masiyiwa’s mobile platform for their day-to-day expenses.
The platform controls almost 95% of all monetary transactions in Zimbabwe. Since its inception in 2011, EcoCash has traded US$78bn, becoming the single largest banking institution in Zimbabwe. ..