EcoCash has tied up yet another remittance partnership deal with TransferTo, a “business-to-business mobile payment network interconnecting financial institutions and mobile operators globally”, which will allow South African based remittance service Mama Money a direct link to make payments to EcoCash Wallets.
Techzim’s understanding of the deal is that TransferTo will provide the bridge linking the two mobile money services (Mama Money and EcoCash) but at the same time, EcoCash has seized the opportunity to partner with a payments network linked to mobile operators and mobile money services across the world.
Techzim first wrote about Mama Money back in 2015 at a time where they had 20 agents and operating exclusively from Cape Town. One major issue Mama Money had at the time was that their service charged a 5% fee on all transactions which Techzim expects will drastically reduce through the use of TransferTo’s interconnection technology.
Techzim also believes this is an opportunity for any other remittance service to utilise the newly created relationship with TransferTo to also have a direct method of remitting money directly to subscriber wallets through their interconnection pipe.
Some well-known brands using TransferTo’s service include the Western Union, M-Pesa, Paypal, Tigo Money, World Remit and Money Gram. According to their website, TransferTo is also integrated with NetOne and Telecel but Techzim is yet to confirm this.