Cashing out of Ecocash has become a true nightmare for the ordinary Zimbabwean. Trying to get cash from the bank is a mission due to this cash crunch that has been with us a few years now. A sad option is begging someone who will be using cash to pay for stuff in shops. This option borders on humiliation as one can be responded to rudely by the fellow, fortunate cash bearers.
The last option that ‘has less hustle' is to get cash from the numerous, rogue EcoCash agents lining up the streets, waving wads of cash and shouting, ‘Cashout'. The biggest downside to this is that these agents are charging a premium for the cash.
The premium is hovering around 50%-60% for bond notes and 45% for coins, seriously how did we get there. I personally suggest that Eco cash revoke all agents until sanity prevails.
Lets put this into context.
Suppose you earn $1000 and you have to part with $300 to access $400 cash. The agent just pockets $300 for giving you the privilege to get cash you worked for. This is not fair. Add to this the fact that the local currency is on a free fall against the USD, then you see how badly the workers are affected by all this.
The general consensus is that Econet is not doing much to tame these agents.
They have issued warnings but they don't seem to be curtailing these activities.
Yet on the other side, Ecocash agents claim that EcoCashZW is no longer supplying them with cash and they are getting cash on the black market. They say they are getting the cash at a premium and also have to charge a higher percentage for them to make a profit.
This begs the questions:
Who do we blame for this cash crisis?
Who has access to cash to feed into the system?
Is there a solution to all this?
For how long can we keep being ripped off like this?
We can't continue on this path because at this rate the premium will be 100% soon. What are your thoughts on this? What do you think should be done to stop EcoCash agents ripping us off?
Share your thoughts in the comments below.