A two-day crash in Zimbabwe’s mobile money system shows the vulnerabilities of going cashless

As much as $23 billion has been transacted through EcoCash in the past six years, say officials, making it a significant revenue stream for billionaire Strive Masiyiwa’s Econet Wireless which runs it. But in the past few days, the EcoCash platform experienced glitches, which Econet blamed on “scheduled maintenance” of the system that powers the platform, with just about all of the service options under EcoCash down, heavily impacting business transactions in Zimbabwe and adding to the country’s ongoing forex and economic difficulties.

The disruption of such a dominant financial platform has raised serious questions in Zimbabwe about about the inherent vulnerabilities of mobile money, especially given the dominance of one mobile wallet over others.

Full article: Quartz Africa

 

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