TELECEL Zimbabwe is set to register over 60% of its subscribers on Telecash mobile money platform in the first six months of this year, a company official has said.
Tarisai Mandizha,Business Reporter
Telecash is direct competition to EcoCash, a mobile money transfer service launched by Econet two years ago. EcoCash subscribers are over three million.
Speaking at the official launch of Telecash mobile money in Harare, Telecel chief executive officer Ashraf El Guindy said
Telecel had recruited 1 600 agents around Zimbabwe for subscribers to be able to deposit money in their electronic wallet or withdraw money from it.
“Our plan is basically to register over 60% of our clients in the first six months, which is close to 1, 6 million subscribers,” he said.
He said Telecel currently had a network coverage of 85% around Zimbabwe and 35% was covered by Econet.
Speaking at the same event Telecel mobile financial services director Nkosinathi Ncube said: “We are taking advantage of infrastructure that is already there, which means utilising existing supermarkets, service stations, post offices and other outlets as agents or merchants.”
Ncube said the spending limit for Telecash transactions is $500 per transaction and $1 000 per day. The transaction limit per month is $5 000. He, however, said Telecash subscribers could also transfer money into any bank account held at a bank that is a member of ZimSwitch utilising the Zimswitch Instant Payment Interchange Technology (ZIPIT) facility.
“Telecash offers convenience for everyone, but in particular offers banking services to people with no previous access to banking and financial services, especially those in the country’s remote areas,” Ncube said.