Harare — Zimbabwe’s president has picked a fight with the country’s most successful business person. The economy may be the loser.

Under pressure from a plunging currency and 737% inflation, 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 Zimbabwe, which dominates mobile-cash transfers, of money laundering...

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