EcoCash creates ‘parallel payment system’


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

comments powered by Disqus


Safaricom, MTN Rwanda partner on mobile money transfers

In a move aimed at deepening financial inclusion and boosting regional trade, Safaricom has partnered with MTN Rwanda to enable customers to make mobile money transactions between Kenya and Rwanda. Read More

TXTGhana restructures business portfolio

Ato Afful TXTGhana has announced the reorganisation of its operations under the TXTGroup umbrella so as to better reflect and direct its international business segments.   Read More

SIKA Mobile Money Transfer app soon in Ghana

Ghanaians will soon enjoy a low cost local and global money transfer service, directly from their mobile phones. Read More

Airtel Africa platform to support music artists across Africa

Airtel Africa has partnered with customer engagement software provider IMImobile to launch the new Airtel Artist Management System. Read More

Tigo expands digital customer care channels with AskTigo Skype Care

Tigo Ghana has rolled out yet another digital channel of communication for its customers, called AskTigo Skype Care. Read More

New KCC partners with Safaricom to streamline transactions

Leading dairy processor New KCC has partnered with Safaricom to roll out a Kshs. 55.7 million cashless solution, to enhance business efficiency and address risks associated with cash handling.  Read More

Safaricom Spark Fund invests in Sendy

Delivery service Sendy has become the first start-up to benefit from the venture fund, which was launched by Safaricom in November last year.  Read More

Motswana in contention for Orange African Social Venture Prize 2015

Botswana’s Thabiso Mashaba’s ‘These Hands Social Enterprise’ Project has been shortlisted in the top 11 of  Orange African Social Venture Prize 2015 projects.  Read More

Tigo Rwanda launches end of year Mega Cash promo

Tigo Rwanda has announced the launch of its Mega Cash SMS-based promotion Tigo Bonane set to make one millionaire every day.  Read More

Co-op Bank partners with SimbaPay for Diaspora remittances

The Co-operative Bank of Kenya has partnered with SimbaPay, a digital money transfer provider, to offer international money transfer services to the bank’s customers in the Diaspora. Read More


Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4AfrikaNetworks Unlimited


eCommerce in Africa urged to take advantage of mobile eCommerce in Africa urged to take advantage of mobile

The Executive Chairman of Alltel has urged operators of eCommerce in Ghana and Africa as a whole to take advantage of the current trend for Africans to trade online via their mobile handsets. 


Nigeria needs $25b investment in broadband, says WoodNigeria needs $25b investment in broadband, says Wood

Telecoms executive Adrian Wood speaks to Kokumo Goodie about investment potential in Nigeria.