Strive Masiyiwa Distances Self From Bond Notes Fight

Econet Group founder and executive chairman Strive Masiyiwa has distanced himself from the anti-bond notes campaigns citing that he has no “intention or desire” to block plans by the Zimbabwe government to introduce this surrogate currency aimed at easing cash shortages in the country.
In a statement to NewZimbabwe.com Friday evening, Econet Group spokesman, Sure Kamhunga, stressed that Masiyiwa “is not directly involved in the running of Econet in Zimbabwe”.

By TechnoMag Reporter

Kamhunga was responding after anti-government activist Sten Zvorwadza called on the UK-based Masiyiwa to back a campaign against so-called bond notes which the government plans to introduce this month.

Speaking in Manchester, Zvorwadza said Masiyiwa could use his EcoCash mobile money platform in Zimbabwe as well as Diaspora remittance companies to support opposition to the bond notes.

Ecocash diaspora

Ecocash diaspora

Kamhunga added, “Through the leadership of Mr. Douglas Mboweni, Econet Wireless Zimbabwe is a significant investor in the country, whose economy has the potential to grow for the benefit of its people.
“Masiyiwa who is not directly involved in the running of Econet in Zimbabwe, also has hopes of a better Zimbabwe.”
Anti-government activists and the organised opposition have staged demonstrations against the bond notes plan, arguing it would take the country back to 2008 when the Zimbabwe dollar had to be abandoned after being rendered worthless by hyperinflation.

In the bid to ease the worsening cash crisis, Government has the urged the public to embrace the usage of plastic money.
But government is adamant that the scheme would help cure rather than worsen the country’s economic problems.
“(The plan will) remedy the decline of (foreign currency) reserves which has a negative impact on the country’s ability to make prompt settlements of its international obligations,” finance minister Patrick Chinamasa said earlier this week.
Last week, President Robert Mugabe used the Presidential Powers (Temporary Measures) Act to amend the Reserve Bank of Zimbabwe Act to designate the bond notes as legal tender.

With some minor tweaks this article originally appeared on NewZimbabwe

 

Marvelous Chibagidhi

#MondayBlues: The Telecel Debacle Continues Despite Govt Paying US$21m To VimpelCom

Previous article

Of Zim's Preparedness For A Cashless Society

Next article

Comments

Leave a reply

Your email address will not be published. Required fields are marked *