Telecel partners ZimSwitch in mobile money service

13
1484

JUST over 20 banking institutions currently on the ZimSwitch platform have partnered Zimbabwe’s second largest mobile phone operator, Telecel, in launching a mobile money service as Zimbabwe pushes for more financial inclusion.

Tarisai Mandizha

ZimSwitch is the sole national electronic funds switch for Zimbabwe formed in 1994 through a partnership of six Financial Institutions namely, Beverley, Barclays, CABS, Founders Building Society (ZBBs), Stanbic and Zimbank (ZB Bank). Telecel will today roll out Telecash, a mobile money transfer system as the introduction of more value added services intensify competition in the country’s telecoms sector.

Mobile Money Transfer service is an easy, fast and convenient way to send money to a receiver’s mobile phone.

This new phenomenon, according to government, has provided greater flexibility and financial inclusivity to the majority of the population in remote areas where banking services are not available.

According to a government- commissioned survey carried out in 2011, 40% of the population is financially excluded and only 24% is banked. A source close to the development told NewsDay Business that 21 banks have signed for the new service which is expected to be launched today.

“All banks on the ZimSwitch platform will be automatically connected to Telecash mobile money. I believe ours will be much, much cheaper and much, much easier to use,” a close source said.

“We are trying to include as many banks as possible, as it will be different from EcoCash where banks are not able to access the platform.”

The source said Telecash mobile money platform was initially scheduled to be launched last year before Christmas, but due to liquidity challenges in the market, the group had to postpone.

EcoCash is the country’s first mobile money transfer service launched by Econet Wireless Zimbabwe. The service is underwritten by Steward Bank, a bank owned by Econet.

13 COMMENTS

  1. This is better and welcome news from the banks and telecel rather than previous whining and spoilt child behaviour they were demonstrating regarding ecocash, as if econet is the only network in zim. competition is healthy. If you cant join them, beat them!

  2. This is good, econet yakaomera stereki. I wish telecel to patner with net one, plus this mobile transer
    and all banks included. We just need to dump these econet lines becoz every services they hve is there at telecel at cheaper rates

  3. This is a very good development. Econet was being too monopolistic and thought that they could impose whatever they wanted on banks and locals who were so desperate, just like what they did selling us lines for a fortune in the Zim-Dollar era.

  4. A very big thank you to Telecel for the telecash service. Make sure that if u decide to have telecash agents, they are everywhere and easily accessible. To all those Zimbabweans who anti monopolies, lets all dump izvi zvima eco-something whatever they call it there at econet nokuti zviri kutibira our hard earned $$$$$$$$

Comments are closed.