Zimbabwe suspends all mobile payments over suspected malpractice

Monday 29 June 2020 11:28 CET | News

The Zimbabwean government has, with immediate effect, suspended all monetary transactions on mobile money platforms, reported New Zimbabwe. 


The suspension is intended to deal with malpractices, criminality and economic sabotage perpetuated by people fuelling parallel market rates. Information permanent secretary Ndavaningi Mangwana said the tough measures were meant to facilitate intrusive investigations, leading to the arrest and prosecution of offenders, according to Telecompaper.

The government claims it has "impeccable intelligence" linking mobile money and the Zimbabwe Stock Exchange (ZSE) to what it calls economic sabotage. Authorities said all the four mobile money platforms EcoCash, One Money, Telecash and MyCash were involved in "these illicit activities to various degrees".

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Keywords: Zimbabwe, fraud, malpractice, mobile payments, EcoCash, One Money, TeleCash, MyCas, Zimbabwe government, payments , Africa
Categories: Fraud & Financial Crime
Countries: Zimbabwe
This article is part of category

Fraud & Financial Crime