EcoCash investigates unscrupulous agents

Econet is investigating claims that some EcoCash agents are offering cash outs at a premium.

BY TATIRA ZWINOIRA

In a statement yesterday, Econet said it routinely did security checks on its agents to clamp down on the practice.

“EcoCash routinely carries out system reviews and security checks on its agent network to ensure transaction process integrity, and to protect the public from irregular and outright fraudulent activities,” the company said.

“Where any suspicious activities are detected, EcoCash investigates and takes appropriate corrective action, including suspending or barring the offending agent.
“From these standard system reviews and security checks, EcoCash shares STRs (suspicious transactions reports) with the regulator (the Reserve Bank of Zimbabwe) as a compliance requirement.

“EcoCash wishes to assure its customers and the transacting public that the overwhelming majority of its 30 000 agents continue to trade normally throughout the country.”

With the cash shortages, there have been reports that some EcoCash agents were charging a premium for cash outs.

Sources say these EcoCash agents target small business owners, who handle cash on a daily basis by offering high premiums for any amount of cash they generate.
The sources told the paper that after receiving the cash, the agents, instead of documenting and remitting it, keep the money for resale at even higher premiums to their customers.

Central bank governor, John Mangudya said he was unaware of the banking sector reporting missing or seeing large sums of money not being remitted through formal channels.

“We will have to look into that. I am not aware of it,” he said.

EcoCash is the largest mobile money platform in the country.


At the end of 2017, EcoCash transactions accounted for 97,6% of the total mobile money transactions worth $1,62 billion.

Loading...

28 Comments

  1. eco cash agents are also buying money , for econet to monitor them they must first give them cash and agents will never cash out at a percentage

  2. All the agents I used in the past two months, be it in the cbd or in residential areas, have charged me premiums for cashing out. Where and how can one report, and what proof can one have against the agents? If there is even one agent who claims to be upright (except one large chain store), I challenge them to post their details here, then we take it from there.

  3. Ecocash agents almost without exception charge a premium for transactions. To say that only a small minority are doing it shows the extent to which Econet is eithet not in touch with what is going on or is trying to sweep the issue under the carpet. The chain is long and extends to small traders who also charge a premium of up to 30% if you pay using ecocash

  4. econet must be serious there is no way there can investigate and arrest this ill as it is between willing desperate parties

    1. yes thats very true

  5. Tambai Iri Kurira

    And on the other hand, i would rather pay a premium and get the cash rather than wish for cash that is simply not available. This is just a sysmptom of Emmerson’s big failure to avail cash as he promised. So as an SME how will i restock with thousands of dollars in ecocash which cannot buy USD and therefore cannot restock. Let the market forces play out, let forex vendors avail the forex. Up until there is order in the mainstream economy, tototamba iri kurira.

  6. Econet , why hide behind a finger, your agents are fuelling cash selling at premiums out of this world.

  7. Econet are playing games here because every agent in the country charges a premium for cash! Actually Ecocash are the biggest cash dealers in the country, so stop acting innocent.

  8. ecosh bosses be srs please….just randomly send your under cover security guys to try and get cash from ATMs. Am sure you will be better informed

  9. Rev Taylor Nyanhete

    The practice of Ecocash agents continues undetected and I propose that they commission undercover agents to establish the real situation on the ground.

    1. go to any agent here in Harare and se what is happening,musanyepe imi vanhu ve econet

  10. go to any agent here in Harare and se what is happening,musanyepe imi vanhu ve econet

  11. To be precise all those ecocash agents belongs to the econet bosses thats why they pretent to be ignorant so no need for undercover they know everything

  12. EC through its agents is ripping us off. They know it, RBZ knows that – Mangudya is being dishonest. He should just accept he has failed the nation. As 4ecocash nature does not allow a vacuum / whenever a player with integrity comes we will jump ship. Hapana chisingaperi.

  13. kabius kekedu

    Ecocash yakaora sezvakaitawo economy yacho. The rottenness is known by everyone and all authorities. No story apa.

  14. Richard David John

    Disgusting and mind boggling

  15. It’s common knowledge that all agents are charging premiums

    1. Ini handi charge premium.

      1. Don’t lie to people Mutekede…If you are telling the truth then you are not doing your business in Zim its obvious…Every ECONET employee up to the chief executive are aware of the high premiums their agents are charging innocent Zimbos…They also know that chisingaperi chinoshura…One day very soon Zimbos will punish them kusisina anoda kurangaridzwa nezve ECOCASH again…That product will be difficult to market in a recovered Zim.Dai vari vamwe vagadzirisa musha usati wapera kutsva vachikutidzira nepetrol…THE ARTICLE IS A CRAZY ECONET LIE

  16. its high time both RBZ and Econet to sit down and help the citizens and be innovative as well as making it an Act that transactions that are below 20 us dollars be free of charge.

  17. I really wish they could help by giving these agent their commissions,right now rates for coins are now 28% to 30 imagine just because they claim the money is getting straight into their personal lines and no commission is being found,lets remember for every action there is an equal and opposite reaction you are actually making it harder for us on the streets now,if there were some unscrupulous agents,i believe something rationale to do was investigate a few than to give an emotional decision that costs almost lots of people now,for reference sake on these rates please do send surveyors in streets from the City centre to local areas,banks dont have money and most of us have been thriving day to day getting kombi moneys from these guys,we sincerely hope to receive their utmost consideration and cooperation.

    1. where do they think we get kombi monies from…obviously from ecocash agents and money changers.

  18. With all due respect pple blame the agents but nobody considers that money is no longer available from the banks. The agent is supposed to withdraw money from the back to give to customers now the money is stuck in wallets let corrections start from the root of the problem.

  19. ndozviripo izvozvo cz kuma bank hakuna cash irikubuda mapaona

  20. People are being emotional and not analysing the situation correctly. The real problem is not the ecocash agent, it is just the bad economy and people’s lack of confidence in the financial services sector. Just demand and supply forces at work

  21. Dont blame agents, they are buying that cash for around 10-15% from other business people who make huge cash sales daily. These days even cash in clients are charging agents %. Someone has to act not Econet.

    1. I don’t believe @ecocashzw money is from retail sales, rather from the RBZ or from @Econetzimbabwe itself. We are being used like pawns on very large chess board. Can it get any worse than this?

  22. Econet has something to do with its unscrouplous agents. all of them are charging exzorbintant premiums

Leave a Reply

Your email address will not be published.