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Peter Kuthan / AZFA
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« on: October 02 2011 »

Saturday, 01 October 2011 16:26

BY KUDZAI CHIMHANGWA
ECONET has launched its mobile money transfer service titled Eco-cash as
mobile service providers seek more innovative ways of tapping into the
country’s un-banked market.
The mobile cash transfer transaction facility does not oblige a subscriber
to open any bank account and the service is mobile network neutral as
customers can move money across various mobile networks.

Econet has already deployed 500 Eco-cash agents throughout the country and
has forged partnerships with 200 Zimpost offices, 300 independent agents and
25 TN Holdings branches.

Speaking at the launch, CEO Douglas Mboweni pointed out that Econet
considers the unlocking of access to financial services a serious need
adding that technology was useless unless it met the specific needs of
subscribers.

Mboweni explained that research indicated that there are four billion mobile
users throughout the world and the figure was increasing.
“The banking population in Zimbabwe is very low with 14 people in every 1
000 being banked,” he said.

“Zimbabwe’s mobile penetration rate is at 70 % yet with that we only have
1,4% of the population being banked,” said Mboweni.
Mboweni said between 60% to 65% of people reside in rural areas in Zimbabwe
and the future indicates that the figure will continue to be in the 65%
category.

It is estimated that mobile money is a US$5 billion market opportunity in
Africa which Econet intends to take advantage of.
The service provides security, cost effectiveness, speed and timely
delivery.

Interestingly, NetOne already runs a similar service titled One Wallet or
Skwama in a development that should transform the country’s money transfer
needs as competition hots up.

source: http://www.thestandard.co.zw/
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