OK Zim on EcoCash

OK Zimbabwe Limited has become the first major retailer to be connected to EcoCash, an Econet Wireless’ mobile money service.

Report By Business Reporter

OK has assumed an EcoCash “Super-Agent” status and will be performing agent services for EcoCash throughout its branches across the country. Under the partnership, every OK outlet will now register customers for EcoCash and also perform cashing in and cashing out functions for EcoCash.

In a joint statement by Econet and OK Zimbabwe released yesterday, Econet Services CEO Darlington Mandivenga said that their goal was to increase accessibility of EcoCash to as many people in this country as possible.

“As the largest retail chain with 54 outlets, OK Zimbabwe has significant traffic in their stores and we, therefore, saw the opportunity to provide EcoCash services in their branch network to cater for these customers,” he said. Albert Katsande, the chief operating officer for OK Zimbabwe, said the partnership with EcoCash was in line with their move into the financial services sector.

“Naturally, the customers will find it more convenient to shop in our stores,” he said.

Katsande added that the agent services would also introduce a new offering for their customers.

Econet Wireless Zimbabwe CEO, Douglas Mboweni said the move was in line with the company’s desire to bring as many parties as possible into the EcoCash ecosystem.

“We want to partner with as many players as is possible for the benefit of our customers,” he said. OK CEO Willard Zireva said the partnership with Econet was welcome as it was in line with OK supermarket’s move to offer a broad range of financial services.

16 Responses to OK Zim on EcoCash

  1. john huku December 18, 2012 at 9:23 am #

    MaCharges ngaadzike pasi vakomana tisaita setiri muZimdollar period.

    • Baba Mwana December 18, 2012 at 10:48 am #

      Isu vamwe takato joina Textacash yakachipa kwete zvekuti even the receiver is charged for receiving money.

  2. Great Zimbabwe December 18, 2012 at 10:46 am #

    It’s a good move. I would envisage a situation whereby an Ecocash account holder will shop at OK by swiping the card. He/she will also top up his airtime and make payment at the garage for fuel etc. Econet should also set up a platform for insurance premiums collections, meaning that disinvestment from Afre was not a well-thought out move. I would have preferred Econet to have an investment in a insurance company and the resultant company will challenge the likes of Old Mutual and NSSA. In fact Econet should spearhead the extension of banking services to the unbanked in rural areas. The challenge for brick and mortar banks to expand to remote areas is the issue of costs. Econet can leverage on its infrastructure to provide banking services to every corner of the country at a reasonable costs, for the costs are shared between mobile users and bank account holders. I therefore foresee TN bank (to be re-branded) as a serious player in the banking industry going forward.

  3. tindo December 18, 2012 at 10:55 am #

    @baba mwana kuda zvakachipa muchanyura ikwezino ku cabs kwacho kwakat tuuuuu mazivanhu
    ndimi vanhu muchiri kushandisa POSB IMI makasara

  4. WESANGO December 18, 2012 at 11:14 am #

    transactional charges are too high….the sender is charged 3% and 7% respectively for a registered and non-registered recipient. comparatively with bank rates per transaction ECOCASH is a reap off…ECOCASH is now a virtual bank on a massive scale no doubt..We hope that this is not one of those ideas with a hidden money laundering agenda…asi kana muchi sponsor MDC-T aiwa itai henyu…

  5. dave December 18, 2012 at 1:42 pm #

    @baba and wesango its better u research before posting on such public forums, all u do is expose your ignorance, expensive is a very relative term, ecocash is charging for convenience the very reason u find yoself using ecocash is the very reason they are charging, meaning u have no other option, either where u need to send the money there are no banks and or the banks are closed. no service is offered for free plus the costs incurred to deliver such a great product are also high, mind u this product is still in its growth stage hence meaning the costs are stil very high at this stage and u will obviously see a reduction in charges as the product grows, market share grows and they begin to enjoy economies of scale. also dont forget banks have monthly charges in the form of ledger fees on top of their transaction charges, these range from about $3-$6 per month depending on your bank, ecocash has no such charges. transaction charges range from 1%-2.5% for withdrawal fee, once again depending on your institution, so u do the math, u will find ecocash works out cheaper. @ great zimbabwe i salute u and share yo sentiments exactly, it seems the rest of the market is sleeping while they dont notice this institution is becoming a monstrous institution and by the time they wake up, its too late, tn bank is inevitably going to rebrand and from the way we see things their key focus (now that they an econet subsidiery) will be technology which is precisely what this markey needed, gone are the days of the brick and mortar banking, its all about convenience these days and econet is introducing the future of banking, “banking in technology”

  6. fact December 18, 2012 at 1:45 pm #

    wesango macharges autikutaura urikumawanepi 2% kusenda and 3% kurecieva.munosara nenyaya yenyu yekutya iyi money laundering papi.

  7. Fatso December 18, 2012 at 6:32 pm #

    Thank you Econet for the Eco cash it is of great help and I applaud you for rompuing in OK Zimbabwe in the ecosystem so I am waiting for you to add TM and Spar in the ecosystem and this will make Eco cash massive. Keep up the good work.

  8. N.G Mdlalose December 18, 2012 at 8:24 pm #

    This is a convenient service. I’v found Ecocash system to be in line with modern technology services. Keep it up Econet!

  9. logic December 18, 2012 at 9:14 pm #

    @ dave…am i to assume from your statement about growth stages and high costs that you see this as justification for unussually high transaction costs?also despite your allusions to other people’s ignorance you are either very ignorant yourself or an econet shareholder, you forget the core function of banks is not transactional deposits as is prevalent in zimbabwe but onlending of deposits which is key to economic success in a very illiquid environment, now enlighten me on exactly how ecocash is going to give much needed stimulus in this respect?i agree with you though that by the time the market wakes up Tn will be significant player

  10. Oskido December 18, 2012 at 10:56 pm #

    Dave get off your high horse.The charges are very high and between 3 to 6 %. This is a rip off.We know the story we aint fools. Voice revenue dwindling and hence focus shifting to Ecocash and premium SMS charged at 25 cents to win a car my ass !

    • maitiro December 19, 2012 at 1:21 am #

      That is very true.. voice revenue model is no longer the cash cow… in a high unbanked economy … ecocash presents a cash cow that makes Econet more money than than voice … considering the fact that voice infrastructure costs a lot more than virtual money exchange system.

      There is need for competition and cross network compatibility to give the consumer a choice.. the blind following of brands has always been the case with Zimbabweans when econet presents a product… brand loyalty….

  11. Skills December 19, 2012 at 8:31 am #

    Dont listen these to wat these econet salespeople masquarading as readers say…ecocash is expensive period…i have since dumped it fr textacash its cheap and convinient…there are added advantage of ecocash over textacash…

  12. dave December 19, 2012 at 9:13 am #

    @logic i like your lead, however u seem to be misguided, u need to understand the product,ecocash is a mobile money transfer (MMT) product which is a product of a telecommunications company. econet came up with the product to bridge a need which was primarily to transfer money to the unbanked community. The partnership with TN bank came about due to the RBZ requirements of a banking licence to offer such a product since its a deposit receiving service. Now u ask how ecocash is going to give the much needed stimulus in onlending? this is where the partnership with the bank comes in, (now takeover). All the monies floating around through the ecocash system are represented by one major deposit in a trust account which is held by tn bank. This (depending on approvals by authorities) can be used for onlending, also going forward, if u read the newspapers, the ecocash platform will also be offering micro lending services soon. like i said this is still a new product and u rightly point out in an illiquid market, so if u understand banking that just simply means deposit mobilization will not happen overnight, accumulation of deposits in an illiquid market is not easy but still possible, i hope ive answered u, @oskido seriously???? u can do better than that really, where are your facts my brother.

  13. Stompers December 19, 2012 at 12:05 pm #

    No matter how expensive it may be, I will never quit Ecocash.From the day my account was linked to Ecocash, Iam no longer sure if it would be possible to stand in a bank quee again.It’s amazing iam now able to bank and withdraw money from my bank in the comfort of my home. Good one!

  14. MAEZ December 19, 2012 at 12:50 pm #

    whatever it is if you are not comfortable with it just keep quite and let us use it , your suggestions will not change anything but instead we will use it much more , no one is ignorant , but some of us we have despising spirits , kungoshora !

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