Is ECOCASH on the verge of closing ?
Of late there has been several disruptions with the Zimbabwe's top and most used mobile banking platform ECOCASH amid the country's financial and economic hard times. These disruptions have been in the form of abrupt and uncommunicated lack of service as well as sudden failures of enquiries and requests from the users. What is happening to our dear ECOCASH? Many users are now asking this question. The above issues on ECONET's part, in one basket with our own financial and economic challenges as a nation have made the majority to question the life of ECONET's ECOCASH services in Zimbabwe. I attended a classified program yesterday and part of the program was to make contributions towards the agenda of the meeting. Most transactions were being done through ECOCASH. But ECOCASH service suddenly went done around 11:00 just after the program had started. I could see people panicking. Some even asked, Is the ECOCASH service closing down?
I also got some messages from some of my colleagues asking me if the reports that they have been hearing about ECOCASH closing down were true. All I could tell them was that ECOCASH was still breathing at the moment but no one could tell whether it was going to close down or not. The challenges in cash shortages happening in Zimbabwe together with unpredictable economic and political trends are making a lot of businesses to operate in strict caution and ECOCASH is not exceptional. Just yesterday, it was reported that ZIMSWITCH service went down for three hours. With the cash shortages horror that everyone is facing now, that means for three hours buying and selling was also at a standstill nationwide. On Sunday ECOCASH was also down for about five hours. That also means for five hours our mobile transactions were also at a standstill.
I think ECOCASH will not close down. ECONET would not allow that to happen because closing down ECOCASH services completely means that its customers will lose trust in both ECONET and ECOCASH. We know that things in Zimbabwe are not going to remain this way politically and economically. So ECONET would not want to lose their giant investment overnight. They would not also want to ruin the legacy that they have built through ECOCASH overnight. But what i think is that there is likely going to be several changes in policies in adaptation to the ongoing economic or financial environment. Right now many businesses are making these changes while their customers cry fowl. Many shops stopped selling on Saturday because they could not decide whether to raise the prizes of their commodities or whether they were supposed to sell at the same prize. An insider and member at one of Zimbabwe's biggest wholesalers told me that they actually had to hide some of the commodities from the customers.
I can say a lot and a lot. But to conclude my article, ECOCASH service is still up and running. I think the recent inconsistencies in service are a result of the ECOCASH decision and policy makers trying to come up with a win-win solution, a solution that is able to keep their business to profitably stand and their customers to keep smiling, so ECOCASH is not likely to close its services.