EcoCash agents countrywide are not operating smoothly following a directive from the Reserve Bank of Zimbabwe (RBZ) issued on Monday amid business collapse fears as cash suppliers hold on to their money.

It is reported that over 50 000 EcoCash agents are out of work following the clamp down on the dealers.

RBZ Deputy Director Financial Markets and National Payments System, Josephat Mutepfa issued a ban on cash-in, cash-out payment system and cash back facility in shops citing illegal activities affecting prices of goods and services.

A survey conducted by H-Metro established that many agents’ shops were closed and some EcoCash dealers were seen loitering around accepting the South African Rand and US dollars.

Commuters were yesterday morning stranded as they could not cash-out for transport money at the usual EcoCash agents.

One dealer, who preferred anonymity, said the situation is uncertain and they had to close their shop until the issue calms down.

“I’m not trading for now until we know what is really going to happen with our agent lines but for now I prefer Rand against US dollars and bond notes to familiar faces,” he said.

“I think Econet is only targeting those transacting huge amounts of money such as RTGS$100 000 or RTGS$20 000 and sending from agent to agent,” he added.

The EcoCash dealers were now charging bond notes for 60 percent and 40 percent on bond coins on top of their commission.

As of yesterday, the black market rate had been tumbling and was trading around RTGS $95.00 bond notes per US$10 and RTGS$160 transfer money per US$10.