EcoCash Hit By Cash Shortage
Published: 2016 May 12 06:53:19 (6899 Views)
Mobile money agencies have in the past few days recorded low business due to the cash crisis that hit the country in recent weeks.
The three companies-Econet, NetOne and Telecel run mobile money transfer services called EcoCash, Netcash and Telecash respectively.
“The whole of last week we were operating with limited cash and the business was very low. Like in my case, there are some days that I closed shop because there was no cash for me to transact,” said an EcoCash agent.
“However, as of today the situation has improved as some of us have received the cash from our principals.”
Another agent from NetOne echoed similar sentiments adding that although the situation had improved, the volume of transactions per day were still very low.
A Telecash agent who also refused to be named said: “Due to the cash crisis being experienced, the volume of transactions have significantly gone down. In good days I used to process transactions worth about $250 a day but of late I hardly process $100 a day. I think, this situation isn’t peculiar to me alone, other agents are also in the same predicament.”
Responding to questions from the floor during Zimbabwe National Chamber of Commerce (ZNCC) breakfast meeting in Harare yesterday, Reserve Bank governor John Mangudya said they had released $15 million, which was imported recently to deal with the cash crunch.
- Chronicle
The three companies-Econet, NetOne and Telecel run mobile money transfer services called EcoCash, Netcash and Telecash respectively.
“The whole of last week we were operating with limited cash and the business was very low. Like in my case, there are some days that I closed shop because there was no cash for me to transact,” said an EcoCash agent.
“However, as of today the situation has improved as some of us have received the cash from our principals.”
Another agent from NetOne echoed similar sentiments adding that although the situation had improved, the volume of transactions per day were still very low.
A Telecash agent who also refused to be named said: “Due to the cash crisis being experienced, the volume of transactions have significantly gone down. In good days I used to process transactions worth about $250 a day but of late I hardly process $100 a day. I think, this situation isn’t peculiar to me alone, other agents are also in the same predicament.”
Responding to questions from the floor during Zimbabwe National Chamber of Commerce (ZNCC) breakfast meeting in Harare yesterday, Reserve Bank governor John Mangudya said they had released $15 million, which was imported recently to deal with the cash crunch.
- Chronicle
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