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Biggest Mobile Phone Firm in Zimbabwe accused of Money Laundering

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Zimbabwe’s police have accused Econet Wireless Ltd., the country’s dominant mobile phone company, of money laundering and demanded a list of its subscribers and issued a search warrant against it.
The move resulted to a clash between the government and company whose money transfer service facilitates the bulk of transactions in the southern African country. The government says its activities are contributing to the rapid depreciation of the national currency.

In an order against the company, the police accused the company of creating fictitious mobile money, converting it to cash and then buying foreign currency on the black market before sending it out the country.
On June 26 the country banned most of those transactions and has now said it plans to force Econet’s Ecocash unit to use a government-run money-transfer platform.

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Akinola
Akinola
Akinola Olusegun is a blogger and publisher of this blog, money247.com.ng. You can also check out his other blogs : segtv.com.ng (videos & news), letgoonline.com.ng (e-commerce), letgoonline.com.ng/blog (news) among others. Follow him via any or all of his social media pages to get fresh posts update.
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