ZIMBABWE: ZACC investigates EcoCash agents for selling cash

The Zimbabwe Anti Corruption Commission says it is investigating EcoCash agents using their unfair advantage to sell cash at prohibitive rates.

Zimbabwe has over the years faced an acute shortage of cash resulting in some enterprising people with access to cash, selling it with a markup of up to 30 percent.

ZACC said while it was investigating the EcoCash agents, it was also calling on Econet Zimbabwe and the Reserve Bank of Zimbabwe to act on the matter and eradicate the abuse.

“We are concerned about the volumes of isolated of reports we have received in connection with EcoCash agents manipulating the cash ecosystem to their unfair advantage by selling cash and at prohibiting rates,” said ZACC in a statement.

The commission said it was aware that the practice is enabled and supported at a systematic level.

“An investigation has been opened which must determine and charge the real perpetrators behind this rot. We hope that Econet Zimbabwe and Reserve Bank of Zimbabwe will also look into this seriously to bring an urgent and lasting solution,” said ZACC.

“We believe that in order to effectively fight corruption, all avenues that promote corruption regardless of size must be shut with urgency and we look forward to work with all stakeholders in such scenarios to actively close these pilferage opportunities.”