He also said EcoCash had failed to explain the overdrafts, adding that because of this, the platform was acting illegally.
“Operating the payment systems unlawfully through a Ponzi Scheme and shadow banking amounts is a violation of the law and does not give rise to any rights that the applicant can seek to enforce in the manner sought,” he said.
Chibi also said the company was investigating incidences of abuse of the EcoCash system, and where users had been found abusing the system, their accounts had been frozen.
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