EcoCash creates ‘parallel payment system’
VALUE ADDED SERVICES| Oct. 10, 2012, 3 p.m.
By Alfonce Mbizwo, Harare, Zimbabwe
Businesses that accept payment in EcoCash are now able to exchange it for cash at Econet Wireless Zimbabwe approved banks, the company said today, creating a parallel payment system in a country that relies on foreign money.
Zimbabwe, whose inflation peaked at 500 billion percent in December 2008, abandoned use of the Zimbabwe dollar after the hyperinflation rendered it worthless, and now mostly uses the US dollar and South African rand.
Money transfers ventures abound, but EcoCash, powered by Zimbabwe’s largest mobile service provider, is the most popular, with 1.7 million registered users.
Econet said hundreds of companies have already signed agreements to take EcoCash payments instead of cash payments, which they can redeem at TN Bank.
Other banks were expected to offer the service within two weeks.
"We are working to get all banks on board by the end of October," said Darlington Mandivenga, a senior executive at the company.
Already, more than 200 commuter omnibus (kombi) operators have also started to accept EcoCash for transport payments.
The service, which began a week ago, has proved very popular and Econet plans to have the majority of kombis accepting EcoCash payments before the end of the month.
MORE VALUE ADDED SERVICES NEWS
Tigo Tanzania announces free WhatsAppTigo Tanzania has announced free WhatsApp services for its 10 million users. Read More
Lock screen content delivery platform launched in NigeriaSliide Airtime today announced Nigeria as the launch market for its Sliide Airtime service which provides users with a new and innovative way to access content from their mobiles and simultaneously earn free airtime. Read More
Glo collaborates with 15 banks to launch new recharge codeGlobacom has partnered with fifteen leading banks to launch a unified short code for customers to purchase Glo airtime at any time from banks in the partnership. Read More
Airtel Ghana launches ‘love month’ promoAirtel Ghana has announced plans to celebrate and reward its cherished customers in February, the ‘love month’, through a Valentine Day promotion dubbed “In The Name of Love”. Read More
Safaricom launches M-PESA statements serviceSafaricom has announced a new service that allow M-PESA customers to access monthly statements free of charge via email. Read More
Ghanaian market catches up with mobile financial servicesThe usage of mobile financial services in Ghana is increasing rapidly, according to a survey conducted by CGAP. Read More
Viber Spreads Good Vibes in Africa with the introduction of public chatsViber, one of the leading messaging and calling apps with more than 664 million unique users worldwide, has opened its latest social channel ‘Public Chats’ to partners in Africa and the Middle East. Read More
Bank starts year with new mobi appBancABC says their newly launched product, BancABCMobi, will allow more customers to use mobile banking solutions in this coming year and many more to come. Read More
Viber launches public chats in AfricaViber, a leading messaging and calling app with more than 664 million unique users worldwide, announced today that it has opened its latest social channel ‘Public Chats’ to partners in Africa and the Middle East. Read More
Low interest asset financing platform officially launched in NigeriaA new online platform launched this week allows employees in Nigeria to obtain voucher loans to pay for a range of goods and services. Read More
FEATURED STORYViber Spreads Good Vibes in Africa with the introduction of public chats
Viber, one of the leading messaging and calling apps with more than 664 million unique users worldwide, has opened its latest social channel ‘Public Chats’ to partners in Africa and the Middle East.
BEST READ NEWS
IN DEPTHPoised for greater heights – Roshi Motman, AfricaCom CEO of the Year Winner
Roshi Motman is not your average CEO. Since taking up the reins as the first female CEO of Tigo Ghana in 2014, she has led the Tigo brand through a remarkable transformation.