Banning Ecocash’s cash-in and cash out services had a negative effect on millions of Ecocash subscribers who rely on the service, while thousands of agents employed by the company also cried foul as they were moved out of business.
Cassave SmartTech Zimbabwe, which operates Ecocash has approached the courts to nullify the restrictions on transactions.
The matter is set to be heard before a Harare judge on Friday.
Ecocash’s lawyers are seeking a temporary interdict to the RBZ’s directive, as they argue that that the central bank acted unlawfully.
They also argue that Ecocash has come to the rescue of Zimbabwe’s economy due to the critical shortages of cash.
“The directive by the defendant to shut down the Ecocash's cash-in and cash-out facilities is ultra vires Section 10 of the National Payments Systems Act under which it purports to have been made,” Ecocash’s lawyers said.
On Wednesday, the RBZ partially lifted the ban and said cash-out or cash-in transactions could be resumed, albeit with a $100 (about US$6) cap to minimise abuse.
“The Reserve Bank continues to promote digital financial services which contribute to financial inclusion and stability,” RBZ governor John Mangudya said.