EcoCash now moving funds from banned agent lines to bank accounts

Mobile money service EcoCash has begun moving funds held in the recently banned agent lines with the transactions liable to 2% tax.

The liquidation follows the immediate ban of agent lines in August by the Reserve Bank of Zimbabwe saying that they were no longer serving any legitimate purpose.

While the Central Bank said that the liquidation process could be done after a legitimate source of funds could have been produced.

The mobile money platform announced the development in a notice , “ We wish to advise all EcoCash agents of the liquidation process as approved by RBZ.”

All transactions are being subjected to the famous 2% IMTT (Intermediate Money Transfer Tax).

“All transactions above $100 000 are subject to approval by the FIU,” said EcoCash

While most agent lines hold much funds in them the Central bank will most likely make a killing out of it.

Agent line holders are being required to produce documents certified by the police , fill in liquidation forms and show proof of bank accounts.

Government in August banned agent lines alleging that they were being used for illegal forex dealings fuelling the black market.

As an act of compliance Ecocash has since closed them down.

However , this has caused a dent in the black market and on daily transactions.