Econet has urged users of its mobile money platform, EcoCash to keep calm and ignore a statement from the government on Friday that said the money transfer service was banned.

Econet said it was regulated by the Reserve Bank of Zimbabwe and the statement from Nick Mangwana, the Information ministry permanent secretary, was not binding on them.

Econet, which says it has more than 10 million subscribers on its EcoCash platform, said, should there be changes “we shall give you adequate notice as required by the law”.

The government announced that it was suspending mobile money platforms and trade on the Zimbabwe Stock Exchange, measures it hopes will contain the rapid collapse of the local currency and stem rising inflation, which is close to 800%.

The Zimbabwe Coalition of Debt and Development described the ban of mobile money platforms as “shock news” and also questioned the legality of the move by the government.