New ecocash monetary limits announced

Econet recently announced their new operating structures. The company has been at loggerheads with the RBZ over their mode of doing business including merchant operations. They have also been accused of fuelling the black market. According to their press release, ecocash users can now transact to a maximum of 5000 rtgs only in a day. They cannot exceed such an amount when purchasing goods or making payments.

Econet also said all monies held in their agent accounts have been frozen and will not be accessible to the agents without approval from the RBZ.

These new measures have been met with outmost rage considering the devaluation of the rtgs. Some people said 5000 rtgs can barely afford to buy groceries for one family, let alone combined with paying bills and other utilities.

The high cost of basic commodities and other items will indeed make it difficult for people to do their daily purchases.

Some have welcomed the development with open arms saying this could bring an end to the issue of people trading in forex on the black market. Indeed those who were spinning foreign currency by buying it on the black market at high rates might be forced to deal otherwise considering the monetary limitation.

RBZ and Econet have been at war with the former accusing the latter of being a Ponzi scheme, swindling people of their hard earned cash through charging high commissions for cashing out and fuelling the black market