JUST IN: Ecocash court application fails
Court Reporter
EcoCash’s bid to block the Reserve Bank of Zimbabwe (RBZ) from suspending mobile money agents from conducting financial transactions and restore full functionality to those affected has failed after the High Court threw out its urgent application.
Justice Webster Chinamora threw out the application for lack of merit.
“It would be a disjunctive for an executive functionary to exercise it legitimate statutory mandate, and then have the count undermine that through an interdict,” he ruled.
Early this month, RBZ froze EcoCash accounts and NetOne One Money accounts for agents with a monthly transactional threshold of $100 000 after transactions totalling $75 million were recorded.
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