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

Riverbed to be acquired by Thoma Bravo in $3.6bn deal

Riverbed Technology has entered into a definitive agreement to be acquired by leading private equity investment firm Thoma Bravo, LLC and Teachers’ Private Capital, the private investor department of Ontario Teachers’ Pension Plan.  Read More

Egyptian revival spurs MEA PC market growth

The PC market in the Middle East and Africa (MEA) region grew 2.1 per cent year-on-year in the third quarter of 2014, according to the International Data Corporation (IDC), spurred by the revival of the Egyptian market and two significant education deals in Pakistan.   Read More

ICT set to shape Africa's economic landscape in 2015

With public cloud in emerging African countries set to grow at a compound annual growth rate of up to 84% over the coming five years, the year 2015 heralds the beginning of a new era for ICT adoption across the continent, says IDC.   Read More

88mph and Microsoft Ventures partner to support startups in Nigeria

Microsoft, in partnership with 88mph, has announced the expansion of the Microsoft Ventures program into Nigeria. Read More

Riverbed names new senior VP of Sales in EMEA

Riverbed Technology has announced that Kristian Thyregod has been promoted to Senior Vice President Sales, in Europe, the Middle East and Africa (EMEA). Read More

M&A, infrastructure sharing, liberalisation to reshape telecoms in Africa

Mergers, acquisitions, infrastructure sharing and market liberalisation will reshape Africa’s telecommunications markets by 2018, according to market analysts Frost & Sullivan. Read More

Dell, Intel study uncovers truth behind technology and the workforce

Dell and Intel have unveiled findings from its second Global Evolving Workforce Study, which identifies, and explores current and future trends pertaining to the workplace and workforce, and the role that technology has played in their evolution.  Read More

PWC: Optimism abounds but a bumpy journey ahead for some

PwC’s ‘Capital Projects & infrastructure in East Africa, Southern Africa and West Africa,’ report says infrastructure spend in the region is projected to reach $180bn per annum by 2025. Read More

Why govt listed Glo, others as top firms

Nigeria’s national carrier, Globacom and 99 other top notch firms have been listed as top 100 Firms in Nigeria for the 2014 fiscal year. The top 100 companies list is based on international benchmark set by the International Integrated Reporting Council. Read More

Women can lead 21st century ICT industry, says Zinox chief

With the right mix of innovation, business focus, accountability and ambition, women entrepreneurs can spearhead the evolution of the ICT industry in the 21st century, says the Chairman, Zinox Group. Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoice

FEATURED STORY

PWC: Optimism abounds but a bumpy journey ahead for somePWC: Optimism abounds but a bumpy journey ahead for some

PwC’s ‘Capital Projects & infrastructure in East Africa, Southern Africa and West Africa,’ report says infrastructure spend in the region is projected to reach $180bn per annum by 2025.

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.