Econet investigated over EcoCash auto-registration

3 Mar 2014

Zimbabwe’s financial regulator the Reserve Bank of Zimbabwe (RBZ) is reportedly investigating allegations that domestic telecoms provider Econet is automatically registering subscribers to its EcoCash mobile money service, local news agency TechZim reports. According to unnamed sources, by auto-registering clients to EcoCash, Econet is allegedly in violation of certain provisions of the Money Laundering and Proceeds of Crime Act, including parts of the regulation which deal with customer identification requirements. The RBZ has declined to comment on the matter, TechZim adds.