The fate of 1,6 million Ecolife subscribers hangs in the balance as the major shareholder of the project Econet Wireless Zimbabwe Limited (EWZL) is not yet sure on the date when the product will be operational again.
EWZL chairman Tawanda Nyambirai said the company was no longer looking for a technical partner for its Ecolife product, but will instead be the technical partner.
Confusion had been rocking Ecolife subscribers since Trust Co — a Namibia-based company — pulled out of the Ecolife deal on June 6 following disagreements over payments between the telecommunications company and Trust Co.
Nyambirai, however, allayed fears of subscribers saying: “No one will suffer any loss as the company is keeping track of the subscriber’s expenditure.
“We will come with a better version of Ecolife. No one will be prejudiced because of the dispute. The matter is now at the Supreme Court. Econet will be the technical partner for the product now.
“I am unable to give you the dates, but I know they are working around the clock (to bring the system back online),” he said.
Ecolife was launched in October last year when First Mutual Life (FML), (EWZL) and Trust Co, signed an agreement to offer the product jointly. Since the pulling out of Trust Co, Ecolife subscribers had not received any updates on how their subscriptions had been performing for more than two months now.
Under the deal, Econet pays premiums for its big-spending subscribers based on their conventional airtime spending patterns, while FML assumes the role of underwriter, accepting premiums and settling claims.
The life premiums depend on the way subscribers spend on airtime. The more airtime one buys, the more cover they get.
Trust Co Mobile took Econet to the High Court alleging the local firm illegally terminated a contract under which the two companies offered the mobile-based free life insurance service.
Econet has since appealed to the Supreme Court against a High Court ruling that went in favour of Namibian firm — Trust Co Mobile — in a case where both accuse each other of breaching contracts.