"Zimbabwe to revive mobile money service it once blamed for currency crash"

" Zimbabwe to revive mobile money service it once blamed for currency crash \r\n\r\nZimbabwe will allow mobile money agents, once blamed for fueling the collapse of its now defunct Zimbabwean dollar, to operate again to boost the use of its new gold-backed currency.\r\n\r\nEconet Wireless Zimbabwe Ltd., founded by tycoon Strive Masiyiwa, state-owned NetOne and Telecel\u2019s agents will be allowed to start operating in the coming weeks to increase the use of the ZiG and curb the unofficial market, according to a proposal by Zimbabwe\u2019s Treasury.\r\n\r\nIntroduced on April 5, the ZiG, short for Zimbabwe Gold, is the nation\u2019s sixth attempt at a stable local currency in 15 years. It replaced the Zimbabwean dollar, whose value had plummeted 80% against the greenback this year.\r\n\r\nThe agents, who number thousands, were banned from operating in July 2020 after those working for Econet\u2019s Ecocash, the largest mobile operator, were accused of charging premiums on transactions. Their actions were blamed for driving one of several collapses in the Zimbabwean dollar. The company has previously denied any wrongdoing.\r\n\r\nThe agents will act as a bureaux de change and help the public access small amounts of foreign currency for everyday use, Kuda Mnangagwa, the deputy finance minister, said.\r\n\r\n\u201cThis means if you have an Econet line and if you register for Ecocash you can convert from ZiG to US dollars or from US dollars to ZiG at the official exchange rate,\u201d he told lawmakers in parliament last week. \u201cThat is the first part to allow inter-changeability without having to go to the streets.\u201d\r\n\r\nAn Econet spokesperson didn\u2019t immediately respond to an emailed request for comment.\r\n\r\nThe move adds to steps by the southern African nation to eliminate street market traders, who it accuses of contributing to its previous currency crisis.\r\n\r\nAt least 100 street traders across the country have been arrested according to the National Prosecuting Authority of Zimbabwe, mostly in the capital, Harare.\r\n\r\n\u201cPolice are arresting every day. We are relying on using WhatsApp with our clients,\u201d said Drew Moyo, a street market dealer on Monday who has stopped operating from Harare\u2019s central business district area. \u201cIf you want to get arrested try to trade in the streets.\u201d\r\n\r\nA dollar was trading at 17 ZiGs on the streets of Harare, he said. That compares with 13.48 on the official market, according to central bank data."

"Zimbabwe to revive mobile money service it once blamed for currency crash"

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