Mobile money firm EcoCash has said that it is reducing the number of new EcoCash Debit cards being issued out in order to monitor foreign currency expenditure. This comes after the Reserve Bank of Zimbawe directed financial institutions to monitor the use of foreign currency as the country battles foreign currency shortages.
Executive assistant to group chief executive Mr Lovemore Nyatsine said:
EcoCash has scaled down on the debit card as all other financial institutions in Zimbabwe to manage foreign currency spend obligations in line with a directive from the Reserve Bank of Zimbabwe to financial institutions to observe meticulous usage on foreign expenditure.
We are overwhelmed with the success of the debit cards whose performance has exceeded our expectations based on demand form customers.
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