EcoCash suspends international debit card

EcoCash suspends international debit card
Econet Wireless CEO Douglas Mboweni

Econet Wireless CEO Douglas Mboweni

ECOCASH, the country’s largest mobile payment platform, has suspended use of its Mastercards outside the country due to worsening foreign currency shortages.
The company, a subsidiary of the country’s largest mobile telecommunications firm, Econet Wireless Zimbabwe, yesterday announced the card would resume international transactions on November 1, 2017 under a strictly foreign currency pre-funding arrangement.
The company joins several other local banks that have stopped usage of either Visa or Mastercards outside the country due to foreign currency shortages that have hamstrung foreign payments.
“Due to the foreign currency challenges, we regret to advise that with immediate effect EcoCash will be suspending international transactions on the debit card.
“However, with effect from November 1, 2017, we are happy to advise that you will be able to transact with the debit card outside Zimbabwe upon pre-funding at your nearest Econet shop,” the mobile money company said in a statement.
EcoCash, however, said the card remained usable within Zimbabwe.
“All local limits remain unchanged. We apologise for the inconveniences caused which, unfortunately, are beyond our control,” EcoCash said.
Several banks, including CBZ and FBC, have already stopped funding MasterCard and Visa card usage outside the country. Most banks have adopted a pre-funding model, which strictly requires US dollars, for the cards.

  • heeeeei

    So how does this pre-funding model work then?

    • Cde Gwejugweju Simbi Zinokuyan

      You deposit forex into your account which is then ascribed to your card for use outside the country. Your limit is then determined by how much forex you deposit with econet shops. Hope its clear

      • Simon Banda

        was it working Cde Gwejugweju Simbi?

    • Jacques Untel

      You pay in your US dollars (or other hard currency) and then you can take it out, minus Econet’s fees of course.

      • Simon Banda

        What is the limit Jacques?

      • Gwaku

        What is the logic of paying in your money into Ecocash and then incur charges to take it out? Ecocash as a business model does not work. I am out.

  • Walter Russell

    This has been some time coming as Ecocash have regressively reduced the amounts that their customers could transact with their card, first down from $5,500 to $1,100 then down to $500 and shortly after to $400, which it then went down to $50 and most recently one could only transact to the tune of $25 per month.

  • Walter Russell

    Its ‘powering’ bank, Steward Bank adjusted to the realities a couple of months ago and now has asked their customers to ‘pre-fund’ their accounts with cash, be it US dollars or bond notes.

  • Florence

    the VCN should remain permanent and not expire after 14 days because it inconvenient having to change card numbers everytime

  • Gerald Mhofu

    Its sums up everything, some people need to resign or new blood now needed

  • Elvis Chirwa

    ndiyo zimbabwe yacho.yatigarisa munyika dzevamwe

  • Lolo Kelly

    The truth is Ecocash has blocked all Mastercard foreign transactions, before this announcement. I have been trying to access my fund in my ecocash account but it is declining on all South African ATMs.

  • Baven Giles

    How far Kwese Tv in Zimbabwe nhai, am based in Nairobi, reading a lot of drama about it

  • kubs

    Kick the kaffirs out

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