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    TechCentralTechCentral
    Home » Fintech » Zimbabwe accuses Econet of money laundering

    Zimbabwe accuses Econet of money laundering

    By Agency Staff18 July 2020
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    Zimbabwe’s police have accused Econet Wireless, the country’s dominant mobile phone company, of money laundering, demanded a list of its subscribers and issued a search warrant against it.

    The move escalates a clash between the government and company whose money transfer service facilitates the bulk of transactions in the Southern African country. The government says its activities are contributing to the rapid depreciation of the national currency.

    In an order against the company, the police accused the company of creating fictitious mobile money, converting it to cash and then buying foreign currency on the black market before sending it out the country.

    On 26 June, the country banned most of those transactions and has now said it plans to force Econet’s Ecocash unit to use a government-run money transfer platform.

    Calls to Econet’s spokesman, Fungai Mandiveyi, weren’t answered.  — Reported by Godfrey Marawanyika and Ray Ndlovu, (c) 2020 Bloomberg LP



    Econet Econet Wireless top
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