Econet demands cash from bulk airtime vendors

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Econet

ECONET Wireless is demanding cash payments “only” from its bulk airtime dealers or resellers, at a time the country is facing a crippling cash crisis, NewsDay has heard.

BY MTHANDAZO NYONI

Econet airtime dealers told NewsDay that Zimbabwe’s largest telecoms company was demanding to be paid in cash “only”.

“Econet is demanding to be paid in cash only when we want to purchase bulk airtime and it’s unsustainable, given that we have cash crisis in the country. At first they were accepting EcoCash and it was better, but now they are not,” one dealer said.

“We don’t know why they are doing that. Other networks like NetOne and Telecel don’t do that. At first they could accept 50% through EcoCash and 50% in cash. Now they are demanding 100% cash”

Reached for comment, Econet Wireless media relations executive, Fungai Mandiveyi said Econet accepts payment from its bulk airtime dealers or resellers in the form that the dealers were paid by Econet customers.

“Where the dealers or resellers are paid in cash, Econet expects to be paid by the dealers in cash. Where the bulk airtime resellers are paid by electronic transfer or by EcoCash, Econet expects the same mode of payment from the dealers,” Mandiveyi said.

“Econet deposits all the cash receipts from its dealers, resellers and customers with the banks and sends daily returns of its banking to the Reserve Bank of Zimbabwe.”

“All our individual customers may make payment for individual airtime, data or any other Econet products and services by EcoCash, Point of Sale devices or by direct bank transfer,” he said.

Zimbabwe is currently plunged in a cash crisis that has resulted in cash barons across the country taking advantage of the situation, charging between 40% and 45% interest to desperate people in need of cash.

30 COMMENTS

  1. There cannot do this especially after misappropriating our funds which were in ecocash system, there now demand more cash ,this time we say NO Econet we are tired of your double standards, Stop It.

      • tozodini tichiundurwa takasvinura, where are there going to take that cash to as we do not see it in any of their systems eg ecocash

        • Iwe sha, are the airtime vendors selling their airtime through electronic transfers??? the vendors take cash, sell it on the illegal market then want to pay econet using transfers. Wake up my friend, thats as good as externalising the money. If they are selling their airtime for cash, they must also pay econet in cash.

        • On the same token econet may also be in dire need of that cash to participate on the illegal market hence we now have to partners wanting to commit a crime.

  2. ECONET IS RIGHT. VENDORS WERE SELLING HARD CASH TO PEOPLE USING THE ADVANTAGE THAT THEY COULD DO BULK PURCHASES TO ECONET USING ECOCASH. ZVAZORWADZA MANJE

    • Taura hako iwe Entrance.Econet yagonesa apa.Kwete Erisha uyo anongo mhanya kuti stop it asina kufunga.Hazvindishamisi kuziva kuti Erisha uyu ndeumwe vevano pururudzira their one stupid doctor stop it achitaura like a lady of the night.

  3. its the spirit – we need to promote banking and electronic platforms without necessarily creating opportunities non-value adding arbitrage practices in the economy. Kudos to Econet if your systems can help you track the forms of payments that your consumers are using!
    #HandeiTione

  4. Possibly wat Newsday reporter did not investigate is whether vendors were accepting customers to pay for airtime via EcoCash. i GUESS THAT WERE THE ISSUE IS.

    • Very true. We dont want a speculative economy whereby people sell airtime for cash and sell that cash at a premium of 40 % then just make a transfer to Econet and get airtime then repeat the cycle.

    • very silly Martha kkkkkk why would you buy airtime from a vendor using ecocash when you can simply recharge directly using ecocash.

      • @Pams, my point was to say these vendors ONLY accept cash from us customers we wen we buy airtime cards but dont want to use that cash to hoard. Of course wen we have ecocash in our wallets we simply recharge via our wallets.

    • Mrtha, if you have the money pa ecocash, then why go to a vendor and perform a “send money” transaction which attracts charges when u can just purchase that airtime on the ecocash platform for free.

  5. kudos to econet.These people were now thriving on selling hard cash and making bulk airtime purchases using ecocash.

  6. Vanozotaura ndanani, takarohwa mari dzakadisappear muecocash system now there want to fleece more hard cash from their business partners Never, and to this very day if i deposit hard cash in the ecocash system one cannot withdraw it from the other side, there need to Stop It..

    • Eliasha, you simply don’t get it.You just don’t. I thought after all the explanations given here, it would eventually sink into your grey matter, but hey, umm. And here you are showing a high level of lack of knowledge on how this ecocash system or any mobile money transfer works. I hope you are not one of the money changers. If you are not, son, grab yourself a book on how stuff works and start reading wide. Have a good day.

      • Yes i do not get it because this what i am talking about is not about the business partners who are being requested to pour their cash to Econet and it then disappears, but its the other side of the ecocash system where our cash mysteriously vanished and te huts dotted around have not even a penny. Mukuru runs the same system and anytime we go and get our money. Econet maybe want to take cash and participate in the illegal market to spruce up the Kwese business who knows???

  7. Well done Econet! You have plugged at least one avenue of cash leakages in the economy and have done cash barons a big blow. Delta should also follow suit with some of its customers, manufacturers should also do the same with the likes of Mahommed Mussa etc.

  8. Cmon Martha would u buy airtym frm a vendor usin ecocash wen u can simply do tht transaction on your own?Econet is been just & fair

  9. WELL DONE ECONET. VENDORS WHERE TAKING ADVANTAGE OF THE GAP AND SELLING CASH AT A PREMIUM. IM SURE THE RBZ IS FULLY IN SUPPORT OF THIS MOVE. ALL OTHER NETWORKS MUST BE ORDERED TO FOLLOW SUIT

  10. I think its a fair deal, otherwise why would they want to buy airtime using ecocash when they are selling cards to juice card traders for cash. What do they want to use the cash for these dealers I wonder, hopefully not to oil the illegal currency deals in the streets.

  11. I read Econet’s responce clearly wen they say wen dealers or resellers are paid in cash, Econet expects to be paid by the dealers in cash. Where the bulk airtime resellers are paid by electronic transfer or by EcoCash, Econet expects the same mode of payment from the dealers.
    @Newsday you have missed an opportunity to produce an educational article to the reading public on steps that corporates are now implementing to plug out cash from the black market and protecting customers. Unless if its your deliberate policy to just portray corporates (Econet in this case) in a bad light

  12. bravo econet good move. here in bindura an econet airtime dealer and ecocash agent who operates opposite telecel shop was operating a mini bank where we wud queue to buy cash and transfer money to him via zipit or ecocash at exorbitant prices,

  13. Econet has come in handy in plugging these loopholes where bulk airtime dealers are taking advantage of the arbitrage created by the shortage of cash. Basically there is no value addition along the value chain to warrant the bulk airtime dealers to want to pay using a bank/ecocash transfer when they “burn” the cash. If Econet is going to “burn” the cash its easy to pick and deal with. Econet is a listed company and has a footprint in different jurisdictions ant they are required to comply with standards such as anti-money laundering and they cannot be seen being an accessory to unethical conduct of business such as what the bulk airtime are doing. On the other hand why continue using cash to buy airtime when you can put the money in your electronic wallet. Physical cards should be very minimal in circulation.The authorities should also look at fuel service stations who demand cash and other players to see how cash is circulating. No more bulk airtime dealers if Econet strictly adheres to this noble move.Distribute your airtime via supermarkets such OK, TM, etc who bank their proceeds at end of the day. All networks should be compelled to follow the Econet move to ensure airtime business is not abused by these dealers.

  14. HOW CAN THEY EXPECT TO PAY ELECTRONICALLY WHEN THEY SELL AIRTIME KWATIRI NECASH??MASASKAM ANODA KUHODHA ETYM NEMARI YEKUBHENA.CASH FOR CASH,ECONET IS 100% RIGHT

  15. Zvaindirwadza. Kwasara vanotengesa ZESA. Yes personally I swipe but rarely you can have an emergency on a Saturday or Sunday. Those people want cash. ZESA should do the same thing. Lets us not promote the black market. Lets swipe but we also need to scrutinize the price and if its exaggerated leave it. munoshandira vamwe. Unoda cash pachinhu chaunotengesa kuti chakoshei. SWipe swipe swipe kusvika madhongi amera nyanga. MAZWA.

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