“The mobile banking platforms are now being used as an industry by foreign currency dealers whereby they sell foreign currency on what appears to be Ponzi schemes.“They are making money from selling money, they wake up every morning and ask where (sic) the rate will be and if it is at 1:40 they will go to 1:45 in order to make a profit and the trend continues, that way it will become a Ponzi scheme.“It is not about us hating the mobile platforms, but what happens there is more like Sodom and Gomorrah. You ask yourself what is happening and there is no clear answer. We are very concerned. It’s more like shadow banking and when that happens, it becomes a serious threat to the economy,” said Mangudya.
“Whenever we put measures in place to make our economy grow, it seems there is a asymmetric economic warfare, it is more like a guerrilla warfare, this is a disappointing factor and we need to work as team Zimbabwe to end this.