Econet to launch mobile money

BUSINESS

|
Image: By Econet
Econet to launch mobile money

By Alfonce Mbizwo, Harare, Zimbabwe

Zimbabwe’s largest mobile operator, Econet Wireless, will at end of the month launch a mobile payment system that makes it possible for Zimbabweans to pay bills using their cellphones.

The company said it had spent millions of dollars on developing the system, which will be launched to its over 5 million customers, completely eliminating the need for any notes for purchases below USD20.

Econet has been working for more than a year on developing the system, which will basically turn a cell phone into a ‘wallet’. But the system only work between Econet subscribers.

“With a critical shortage of US dollar notes, the Econet system will completely eliminate the need for any notes for purchases below USD20,” the company spokesman, Ranga Mberi, said in a statement.

Earler, state-owned mobile operator NetOne and Orascom’s Zimbabwean unit, Telecel, launched similar programmes called OneWallet and Skwama respectively.

But Mberi said the key difference was Econet’s size and capacity, adding that the company had entered into partnership with key retailers, banks, and dealers nationwide.

“It is a massive system, and will completely transform the way Zimbabweans buy and sell goods,” he said.

Econet is expected to announce, also at the end of the month, that it has crossed 6 million customers, which means that almost half the population has an Econet line, giving leverage to its new service because of economies of scale.

 “Construction of the whole system is now complete and the company is now ready to go,” said Mberi.

“It is currently being tested with key customers on a pilot phase, and will go live to over 5 million Econet customers by the end of this month.”



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE BUSINESS NEWS

Mobile backlog affects revenues

New research shows that a slow approach to app development is increasingly damaging revenue opportunities in the enterprise. The study found that organisations are currently struggling with a significant mobile backlog and unable to cope with business demands. Read More

Kenya courts technology to woo investors

Kenya, East Africa’s lead economic hub, has stepped up its efforts to woo investors through its rigorous incorporation and adaptation of technology to ease business transactions. Read More

‘Prepare for an explosive year ahead’ - Dac Systems

From a technology solution supply and reselling perspective, 2015 is going to be a bumper year, says Dac Systems. Read More

The Business Network is the future

Hyper-connected business networks will extend business processes that used to stop at the walls of the enterprise, and will fulfill the promise of the real-time global networked economy to reduce complexity without sacrificing sophisticated work, says SAP. Read More

Africa SME Champions Forum: creating an ecosystem to support African champions

Didier Acouetey, Gervais Koffi-Djondo, Felix Bikpo, Amadou Kane The Africa SME Champions Forum closed in Dakar last week, but its work in support of African champions is only just beginning.  Read More

Deloitte: Africa GDP to top $3.7 trillion by 2019

Africa’s gross domestic product will grow by 50% to $3.7 trillion over the next five years, says Deloitte. Read More

EOH CEO named All Africa Business Leader

Asher Bohbot, CEO of Enterprise Outsourcing Holdings (EOH) Limited, has been named Business Leader of the Year at the CNBC Africa All Africa Business Leaders Awards. Read More

Data revolution will shake banking sector, says NCC chief

Executive Commissioner Okechukwu Itanyi; Board Chairman Peter Igoh and NCC Executive Vice Chairman Dr Eugene Juwah The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Dr Eugene Juwah, says Nigeria’s second revolution in data will have a significant effect on the banking sector. Read More

Qrent expands across Africa

As organisations look to hire instead of purchasing essential equipment such as computers, printers copiers, LCD screens and projectors, the demand for Qrent’s services has grown across the continent.  Read More

Africell completes Orange Uganda acquisition

Africell, one of the fastest growing mobile telecommunications operators in Africa, has announced that it has completed the acquisition of Orange Uganda. Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionSage HR AfricaMTN BusinessSchneider ElectricMultichoice

FEATURED STORY

GSMA: half a billion mobile subscribers in SSA by 2020GSMA: half a billion mobile subscribers in SSA by 2020

The number of unique mobile subscribers in Sub-Saharan Africa will pass the half billion mark in 2020, says a new GSMA report.

IN DEPTH

Africa lags on digital migration Africa lags on digital migration

Only three African countries have so far completed the digital migration process, and serious issues are hampering the migration in other nations.  

COMPANY NEWS

VMware Study: Businesses can Take Three Weeks to get Employees Mobile-Ready

EMEA businesses say concerns over trust, ownership and delivery capability may hold back taking advantage of the mobile cloud-era.