Econet: paper money to become obsolete

VALUE ADDED SERVICES

|
Image: By BiztechAfrica
Econet: paper money to become obsolete

Econet Wireless has predicted that Zimbabweans will stop using “paper money” by the end of next year as people adopt cards to transact.
Econet, which is at the forefront of introducing plastic money in the country, has already invested in more than 5 000 point-of-sale (POS) devices in businesses throughout the country to ensure that people can use their cards when paying for goods and services.

The company, which is the country's largest mobile network operator with about 9 million customers, has already announced plans to release MasterCard enabled debit cards to its more than 3.5 million EcoCash customers. It also eventually plans to double to 10 000 the number of POS terminals over the next few months to its network of more than 13 000 EcoCash agents.

"We do not expect anyone to still be using paper money in a year's time. It will be just like Europe or America, where you no longer see people carrying bundles of cash," said Econet Wireless Zimbabwe CEO Douglas Mboweni.

The EcoCash MasterCard debit card has been designed to completely replace the use of paper money in everyday buying and selling of goods, he said.

Mr Mboweni said Econet is determined to make Zimbabwe totally cashless. "We see this as the end of paper money in this country,” he said.



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE VALUE ADDED SERVICES NEWS

Tigo, Western Union enable mobile remittances in Rwanda

Tigo Rwanda and Western Union have announced the launch of a new service that allows reception of international remittances directly into mobile through Tigo Cash accounts.  Read More

Airtel debuts direct purchasing on facebook

Airtel Ghana has launched the first direct data bundle purchasing on Facebook.  Read More

Effortel helps deliver Africa’s first mobile banking MVNO

Mobile virtual network operator (MVNO) and enabler, Effortel, announced today that it is working with fellow MVNO, Equitel to provide Kenyan mobile subscribers with Africa’s first fully integrated banking approach via a mobile network.   Read More

Standard Bank Expands InstantMoney service to Botswana and Uganda: Namibia to follow

Standard Bank, Africa’s biggest lender by assets, has expanded its InstantMoney payment solution to Botswana and Uganda as part of broader plans to roll out the service across the continent. Read More

Transfast expands proprietary bank network into 23 African nations

Transfast, a leading provider of online, cross-border p2p payments solutions, has announced the expansion of its proprietary bank network into 23 African nations. Read More

BotswanaPost introduces PosoOnline

BotswanaPost continues to explore the technology space, this time with a new product called Electronic Bill Presentment and Payment (EBPP) or PosoOnline.   Read More

Telecom Chamber welcomes new guidelines on E-money issuers in Ghana

The Ghana Chamber of Telecommunication has welcomed the newly proposed guidelines for e-money issuers in Ghana and Agent Guidelines by the Bank of Ghana.  Read More

Why mobile money uptake is sluggish: Airtel CEO

Chief Executive Officer Airtel Nigeria, Segun Ogunsanya, has called for a review of the current mobile money model, saying a telco-led model will help expand retail banking, thereby driving financial inclusion in the unbanked segment. Read More

SA travel company launches app simplifying new child visa laws

Cape Town-based travel company Drive South Africa has developed a web app simplifying the new visa regulations for parents travelling to and from South Africa with their children. Read More

MTN Swaziland offers mobile financial services with Ericsson

MTN has deployed Ericsson Converged Wallet to provide a premium mobile money experience for more than 275,000 mobile wallet users and 3,000 agents in Swaziland. Read More

PRESS OFFICES

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

FEATURED STORY

Kenyan SACCOS riding on innovation to attract customersKenyan SACCOS riding on innovation to attract customers

As confidence in mainstream banks remains low due to prohibitive interest rates, customers are embracing Savings and Credit Cooperatives (SACCO) as an alternative.

IN DEPTH

As curtain falls on MDGs, what next?As curtain falls on MDGs, what next?

Dr. Bjorn Lomborg, president of the Copenhagen Consensus Centre, speaks to Biztechafrica about setting smart targets.