Zimbabwe’s president picks fight with tycoon as economy slumps

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
President Emmerson Mnangagwa. Picture: Getty Images
President Emmerson Mnangagwa. Picture: Getty Images
Foto: Getty Images

Zimbabwe’s president has picked a fight with the country’s most successful businessman and the economy may be the loser.

Under pressure from a plunging currency and inflation running at 737%, President Emmerson Mnangagwa’s administration on June 27 restricted almost all mobile-money transactions in a country where 90% of commerce is conducted on handsets because of cash shortages. On July 17, the police accused Econet Wireless, which dominates mobile-cash transfers, of money laundering.

The battle pits Mnangagwa, who came to power in a November 2017 coup, against Strive Masiyiwa, the businessman who founded and controls Econet. The company’s mobile-money unit Ecocash has 11.4 million customers and a 98% share of the market.

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in

E-Editions

Read the digital editions of City Press here.
Read now
Voting Booth
ANC secretary-general Ace Magashule has written a letter suspending party president Cyril Ramaphosa in apparent retaliation after he was served with a letter of suspension on Wednesday.
Please select an option Oops! Something went wrong, please try again later.
Results
He doesn't have the power
31% - 147 votes
It’s a declaration of war
25% - 115 votes
Nothing but a distraction
44% - 206 votes
Vote