Earlier today we attended a tour of the EcoCash mobile money service by Econet. Basically Econet invited a group of journos and bloggers to sample the service themselves, apparently, so that when they write, they write with full knowledge and experience of the service on the ground. It makes sense really and we’ve been waiting for the opportunity.
We managed to get an interview with the CEO of Econet Services (the company/division under which EcoCash falls), Darlington Mandivenga, which we’ll be posting here later (update: it’s here). A couple of issues were discussed which we know you’ll find very interesting. In the meantime, we just thought it would be great to provide you a summary of points and a few pictures we took during the tour. Indeed, the summary points represent developments that we will go into separately later.
- The distinction between mobile money transfer (what EcoCash is) and mobile banking (what the banks have been doing for a couple of years now, (remember burning money)) – is becoming clearer. While the two compete for small money, they more complement each other in the big picture this is starting to happen.
- The EcoCash Commuter service launched last week has apparently been very popular with both commuting users of EcoCash and owners of the Commuter minibuses (Kombis). Where EcoCash was approaching the operators before they launched commercially, the Mandivenga says now it’s the operators approaching them to sign up.
- The main point of attraction to the paying for transport using EcoCash for the commuters is the resolution to the change problem in Zimbabwe it provides.
- Other than EcoCash Commuter, Mandivenga says mobile money merchant services are live with a number of businesses that include Edgars (a large clothing retailer), Redan (a fuel distribution company), ZB Life (an insurance company) and Econet’s own shops. Econet is in discussions with the big retailers and as we get into the festive season, most will start accepting payments.
- There are also SME retailers (some ‘general dealers’ for example) already accepting EcoCash
- Econet is also introducing EcoCash mobile banking where they’ll basically link up with all the banks to allow users to move money from their bank account to EcoCash and vice versa using their mobile phones.
- Banks will also become what Econet calls EcoCash Super Agents, agents that act on behalf of EcoCash by playing a supervisory role to other ordinary agents.
- There’s not any encouraging talk in terms of internet payments services at the moment as all we got is that, those services are in the pipeline.
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15 comments
Hmm interesting, lets see how that translate to real convinience
awesome stuff, they are really teching up the zim population, opening them up to newer technologies that will build on this, its great. its high time we stopped depending too much on cash
I have been approached by TN Bank representatives on behalf of ecocash to become an ecocash merchant and will be singing up. I think they still have a long way to go and need a web interface for merchants to see their history. At the moment, merchants can only see their balance and get sms’s when money is paid.
I am interested in becoming a ecocash merchant, how do you go about becoming one
Basically approach Econet with either you company registration papers or or your operating license. Read more here: http://www.techzim.co.zw/2012/10/ecocash-mobile-money-interview-with-econet-services-ceo/
Can you explain to us how it works in the Commuter Omnibus? Do commuters pay to the Conductors phone and how do they verify that this person has paid and that one hasn’t?
a text message is sent back to the one that makes the payment, indicating amount and Agent number, so all you have to is show that
EcoCash is a great innovation. It is going to make life easier in many areas of Zimbabwean
s lives. However, EcoCash Commuter does not sound like a sensible service. What is the point? If we really have a problem with change, we should make arrangements to get more coins from banks. Finish. Turning to a mPayments is just a bit too much for such a simple problem.
Random, irrelevant, silly thought…
Wakabata zvako smartphone yako. Touch, swipe…zoom, pay! Then you yell, “after robot!!”
You get off your lonely,dark street and some shady looking guy decides to get off too.
aptly put!! dont agree with the first line though
Rome was not built in a day. It is an initiative, that we should see going thru a baking process. Even Gold has to be burnt and smelted to become pure and as valuable. Every product has to start somewhere and go thru different paces until it reaches its epitome. Imagine, if eventually you could make all travel and logistical arrangements via EcoCash – think flights, Kariba cruises, DHL, Fedex, Hotel payments, et al. Give all these innovations time and all will work out well. The world is striving for convergence of technology, this morning i saw some smartphone manufacturer in Japan trying to converge household equipment to be operated by a phone, eg microwave receiving cook time instructions from a smartphone. When in college on of my colleagues did a project where one could send an SMS to control things back at home, it did Lights ON/OFF, Geyser, swimming pool pump, coffee machine, even the Main Gate. That very same handset is now bringing you convergence for all monetary transactions.
with such drive we can soon be cashless on day to day transactions.
Okay, saka manhamba ehanzvadzi dzedu achasara naHwindi hanti. Gorerino.
How about if someone saves in their phone their own number with ecocash as name then send themselves a forged message. How will the Hwindi verify the transaction is genuine.
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