HomeBusiness

"They're Closing All ECOCASH Lines Doing Cash-ins Only," REPORT

5ย years agoMon, 30 Sep 2019 13:16:03 GMT
Share on FacebookShare on TwitterShare on LinkedIn
"They're Closing All ECOCASH Lines Doing Cash-ins Only," REPORT

Ecocash is reportedly closing Agent lines that are mainly processing Cash-ins only. Reports suggest that the Econet Wireless subsidiary believes that those Agents might be involved in money laundering.

One forex dealer who spoke to Zim Price Check said:

Things are bad. They are closing all lines that do cash-ins but rarely if ever do cashouts. Lots of guys have stopped trading as they fear their lines will be closed.

The development comes a few days after the government together with the Zimbabwe Anti Corruption Commission have recently told Ecocash to reign in their Agents as the country take steps to address money laundering.

Zim Price Check observes that although cash-ins without a lot of cashouts suggest that one is involved in money laundering, it is also possible that the line is being used as a payment platform.

Buy Samsung, itel, Redmi smartphones in Zimbabwe

WhatsApp: +263715068543

Therefore, by closing such lines Econet is putting the burden of proof upon the agent.

Foreign currency exchange rates are reported to have tumbled amidst reports that few money changers are trading.

More: Zim Price Check

ย 

Tags

0 Comments

Leave a Comment


Generate a Whatsapp Message

Buy Phones on Credit.

More Deals
Feedback