Zim Forex Squeeze Halts DStv Payments; Banks Told to Prioritise Use of Foreign Exchangea[euro]

Cape Times (South Africa), February 28, 2017 | Go to article overview

Zim Forex Squeeze Halts DStv Payments; Banks Told to Prioritise Use of Foreign Exchangea[euro]


ZIMBABWEAN finance institutions have come under pressure to limit payments for DStv, MultiChoice's digital satellite TV service, following directives that banks strictly implement the prioritisation of foreign-currency usage in the country.

Banks and mobile finance companies have already started implementing the directive, and some payment platforms for DStv have been halted.

Service cut

"Due to factors beyond our control, DStv payments on Telecash will cease on February 28 till further notice. All other services remain available," Telecel Zimbabwe said in a text message to subscribers.

Econet Wireless, the biggest telecommunications company in Zimbabwe, has also stopped accepting payments for DStv accounts using its EcoCash mobile money platform.

It has since opened a rand account, EcoCash, on which it has enabled DStv payments.

"You can make DStv payments via EcoCash when using rands only," EcoCash said in response to queries from subscribers who were finding that the service was unavailable.

Reserve Bank governor John Mangudya earlier this month criticised Zimbabweans' excessive spending on DStv payments and offshore credit cards.

He said the about $45a[macron]million (R581.8m) that Zimbabweans paid towards DStv subscriptions in the second half of last year should have been used to import raw materials. …

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