The current cash crisis in our communities it has become mandatory to have an EcoCash line in Zimbabwe because money is now being accessed virtually. Mobile Money Platform, EcoCash has been made to seem easy to have access to cash but unfortunately, EcoCash has taken advantage of the situation in Zimbabwe by charging a premium for cash-out services.
Cash shortages have caused the EcoCash agents to create a business of buying and selling cash. The agents claim to be buying the cash from someone hence he/she will have to sell it to make a profit. RBZ recently tried to shut the Agent’s down by shutting down cash in, cash out and cashback facilities as than rates at which the agents were selling their cash were high to reach 60%.
The push given by RBZ made the people have a clear picture of the economic problem that the Government is ignoring and failing to solve. Cash shortages have given away for Fintech services to penetrate deep into banking industries.
Even if people are complaining of the cash-out charges when the Agents were shut down for a small number of days the people were greatly affected because they didn’t have any source of cash for their day to day activities which requires cash.
“There was significant growth in the volume and value of mobile money transactions in the quarter under review. The growth in the value of transactions can be attributed to a number of factors such as the general increase in the cost of goods and services as well as the growth in the number of uses and users. Ecocash processed 99.6% of the total value of transactions up from 99.4% recorded in the previous quarter” reads part of the Potraz Q2:2019 report.
EcoCash is a mobile platform that is existing in every household in Zimbabwe not by our choices because it now forces you to have it since it’s the only way you can have access to your money.
An example to show that mobile money is not by choice is when a father wants to give his daughter 200RTGS for her trip at school, he will give it to her through the phone because the bank can only give the father 50RTGS per day from the 4000RTGS salary he received for that month.
The situation gets worse when you receive money on your phone when it’s not your choice you are easily manipulated into buying cash because the transaction you want to make requires hard cash.