EcoCash creates ‘parallel payment system’

VALUE ADDED SERVICES

|
Image: By BiztechAfrica
EcoCash creates ‘parallel payment system’

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.



Share the News

Get Daily Newsletter

Search News

comments powered by Disqus

MORE VALUE ADDED SERVICES NEWS

Uber offers cashless payments in Accra through SMSGH

Uber, the innovative app that connects riders with drivers, has revealed to Biztechafrica that it has partnered with SMSGH to provide mobile payments to the Greater Accra Metropolitan Area (GAMA).  Read More

MTN drives insurance with IAS

MTN Business is set to empower insurance companies across Nigeria with an Insurance Automation Service (IAS). Read More

Integrated payment markets to fuel future growth

Congo registers strong demand momentum for international and cross-border money transfers, says TerraPay. Read More

Kirusa launches myGenie app, ad platform

Dr. Inderpal Mumick, Oluseyi Akinnibosun and Vishavjit Soni Kirusa, a global telecom and social media solutions provider, has launched myGenie app, a revolutionary free airtime App for prepaid Android users in Nigeria. Read More

Sterling Bank, AppZone’s CreditClub partner on unbanked customers

Sterling Bank Plc has signed up to AppZone’s CreditClub to leverage its agent network and banking technology platform to serve customers outside traditional branches. Read More

Africa offers potential for cashless payment

African countries share some of the world’s highest speeds of digital growth with people now constantly in pursuit of faster and more convenient ways of paying for goods and services. With the advances in technology, it is now possible to satisfy this demand at reasonable costs, delegates heard at ... Read More

Safaricom launches M-PESA bill manager service

Safaricom has launched a new service known as ‘Bill Manager’ that will enable customers to manage and pay bills via M-PESA all in a single transaction.   Read More

BankOne empowers 250 Microfinance Banks

One of Africa’s leading Information Technology platforms for micro finance banks, BankOne, has announced the signing up of its 250th client. Read More

Orange Money in France to allow money transfers to three African countries

Orange Money is available in Metropolitan France to enable Orange mobile subscribers in France to transfer money via their mobile to other Orange Money customers in Côte d'Ivoire, Mali and Senegal. Read More

Dar es Salaam gets Uber

Dar es Salaam has become the 475th city to join in Uber’s growing global network. Read More

PRESS OFFICES

Sage EnterpriseSAP AfricaTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4AfrikaNetworks UnlimitedArbor NetworksEricssonTigo Ghana

FEATURED STORY

First-ever Africa Barclays Accelerator programme concludesFirst-ever Africa Barclays Accelerator programme concludes

Ten fintech companies have concluded the first-ever Barclays Accelerator, powered by Techstars in Africa.

 

IN DEPTH

Ethical Hacking students can’t get a heck of a jobEthical Hacking students can’t get a heck of a job

Botswana ethical hacking students report that they are failing to break into the local job market. 

COMPANY NEWS

The Tech Revolution: Sage Sets out the Vision for African Businesses

Sage, a market leader in cloud accounting software used its global Sage Summit 2016, held this week in Chicago, to outline its strong commitment to future technologies, ...