EcoCash wants the High Court to stop the Reserve Bank of Zimbabwe (RBZ) from suspending mobile money agents from conducting financial transactions and restore full functionality to those affected.

EcoCash is the leading mobile payment platform, and while direct payments and bill payments have not been affected, the suspension of a large number of agents has hit transactions involving cash-in and out.

The lawsuit follows the central bank’s move on Monday to freeze transactions of an unspecified number of mobile money agent lines from EcoCash and suspected to have been behind fuelling recent exchange rate volatility by using their agent status to buy and sell foreign currency.

The RBZ directive issued on Monday suspended and froze EcoCash accounts and NetOne One Money accounts of agents with a monthly transactional threshold of $100 000 after transactions totalling $75 million were recorded.

The suspension of the mobile money agent lines and accounts across all networks was to facilitate investigations into potential illegal foreign currency activities.

In an urgent chamber application filed at the High Court on Wednesday, EcoCash, represented by Mtetwa and Nyambirai law firm, wants an interdict prohibiting the enforcement of the RBZ’s directive issued on Monday.

The chief executive officer of EcoCash’s parent, Cassava Smartech, Mr Eddie Chibi, argued in his affadavit that EcoCash has 11 million subscribers and benefits people from all parts of the country.

The RBZ action had the effect of limiting Ecocash customers from accessing its services through its agents as most of them have been suspended.

“Because of the legality of the suspension is challenged, a delay in dealing with the matter will result in prejudice not only to the applicant but also ordinary members of the public,” said Mr Chibi.-State media