Fact-check: Scam Alert! Ecocash is not issuing instant loans to its users

Claim: A message circulating on social media claims EcoCash in partnership with Steward Bank is issuing instant loans of up to $500 to EcoCash users. The message has a tracker which purpots to show the number of people who have received loans from this facility so far. To be eligible for a loan, one has to enter their phone number into a linked portal and share the advert with six Whatsapp groups or 15 friends.

Is this true or false?

Verdict: False

Econet Zimbabwe and Ecocash have distanced themselves from the above message saying they are not “affiliated with the SMS” and therefore “cannot verify its authenticity”.

The network provider and its mobile banking platform encouraged members of the public not to disclose personal details to such advertisements and be alert at all times. Internet fraudsters use such bait to lure people into giving out private details, which leave EcoCash PINs and bank details vulnerable to attacks.