EcoCash slashes tariffs

Econet Wireless has slashed the cost of sending money via EcoCash by as much as 34%, with transactions of less than a dollar now completely free.

The company has also simplified the cost structure, saving customers the inconvenience of having to calculate what it will cost before making a transaction.

The company says the tariff cut is likely to see a sharp rise in the usage of EcoCash, and also drive a boom in the number of users, who are already above two million.

Econet Services chief executive officer Darlington Mandivenga explained that EcoCash had responded to customer requests by removing the percentage system, replacing it with much simpler bands that make it easier for customers to know exactly how much each transaction will cost.

“If you send $10, for instance, it now costs you 19 cents, whereas sending $500 costs you only $4.49 down from $6.00. A transaction of a dollar or less is completely free,” Mandivenga explained. Cash in and registration is also free.

“Access and convenience for the recipient is the key to this service. Why should your mother have to get on a bus to find the branch of a bank or building society in the nearest town? There is no match for our agent network of 3000 outlets. That network is growing at a rate of 500 agents per month,” Econet CEO Douglas Mboweni said.

The new tariff regime is expected to accelerate growth of a service that already processes more than a two million transactions per week, valued at more than $35 million.

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