Just In:Econet challenges RBZ at High Court…threatens to shutdown entire EcoCash facility

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CONET Wireless on Tuesday filed an urgent chamber application for a temporary interdict against the Reserve Bank of Zimbabwe (RBZ)'s directive to shutdown the cash-in, cash-out EcoCash transactions, Zim Morning Post can report.

ECONET Wireless on Tuesday filed an urgent chamber application for a temporary interdict against the Reserve Bank of Zimbabwe (RBZ)’s directive to shutdown the cash-in, cash-out EcoCash transactions, Zim Morning Post can report.

The mobile network operator made the application through its technology arm, Cassava Smarttech.

In its prayer, Econet threatened to shutdown the entire EcoCash system to enable the process of complying with the cash-in, cash-out transactions ban directive by the RBZ.

“From September 21 2011 , when the Cash In facility  was introduced,

227 519 transactions worth USD 10,195 000 plus ZWD 7,542,785, 610 have been conducted.

“The respondent (RBZ) has been directed by the applicant to shut down the Cash In and Cash Out facilities purporting to act under Section 10 of the National Payments Act.

“If you intend to file an opposition, you will have to file a notice of opposition with one or more opposing affidavits with the Registrar General’s office at Harare within three hours unless otherwise directed by the High Court after the time this application has been served on you,” read part of the application authored by Mtetwa and Nyambirai Legal Practitioners.

The decision follows the government and central bank’s clampdown on alleged economic saboteurs.

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