EcoCash launches new service

HARARE — Econet Wireless’ mobile money platform, EcoCash, has launched a “Swipe into EcoCash” service that enables customers whose banks have not integrated with EcoCash to be able to swipe their monies from their bank accounts into their EcoCash accounts.

All ZimSwitch enabled cards can access the facility. Currently only five banks are yet to connect to the EcoCash platform. The service will be available at selected merchants as well as agents, and customers can swipe up to $2 000 per transaction.

However, the number of swipes and limits depend on individual banks’ terms and conditions.

EcoCash general manager Natalie Jabangwe Morris said this was part of the firm’s efforts to enhance interoperability and convenience at a time the country is facing cash shortages and relying on electronic platforms for transacting.

“Our idea is to go beyond mobile money. This is about improving on payment systems,” she said during the launch of the service yesterday.

As at June 30, 2017, an estimated 6,8 million customers were active on the EcoCash platform as it remains the largest mobile money service provider. The mobile money platform is now driving an estimated 90 percent of mobile money in the country ahead of competition from Telecel and NetOne’s mobile money platforms.

Reserve Bank of Zimbabwe (RBZ) national payments systems deputy director Mr Josphat Mutepfa, who officially launched the swipe service, said this is a commendable innovation at a time consumers seek convenience. He, however, implored on the financial services sector to be on the lookout for risks associated with digital payment systems as customers also need security. “This will bring convenience to the banking community. Over the years, we have witnessed collaboration between banks and mobile networks which has resulted in improved inter-operability,” he said.