Econet has bowed down to ZANU PF pressure after the Youth league warned of how its Ecocash facility is being used to stifle the economy by charging exorbitant fees fleecing the majority of the citizens.
Lewis Matutu, the Zanu PF deputy youth league secretary has been breathing fire on how Econet is sabotaging the economic turn around.
In a tweet on July 5 Matutu warned Econet and Ecocash to stop abusing the Ecocash facility.
“ Please stop what you are doing to our economy through the abuse of your Ecocash facility,” he warned.
In a shocking development Econet has issued a warning to stop overcharging customers when doing cash out transactions and that any person caught engaging in illegal Ecocash transactions with agent lines will be brought to book.
“Do not he caught charging customers extra cash out or be involved in illegal conduct using the Ecocash agent lines. It is prohibited and will result in the revocation of the Ecocash agency license as well as heavy penalties in line with the applicable laws on money laundering,” the statement read.
This development comes as a result of Ecocash agents, shop owners and money changers placing a high rate on people doing cash out which is charged at 35% on notes and 25% on coins.