On Friday last week, Econet launched EcoCash, a mobile money service that so far looks like a game changer. On the local market at least. The concept is a tried and tested one. M-PESA has worked phenomenally well in Kenya, and Econet has read the M-PESA story cover to cover. In fact it is its similarity to M-PESA that gives Econet the game changing potential it has with EcoCash.
But to subscribers everything boils down to the cost.
The decision to use EcoCash or not for most people will be based on the cost of transacting. Especially that of sending and receiving money. Econet did publish the EcoCash transacting charges on its website.
The layout of the tariff schedule is curiously similar to the M-PESA one so we’ll just post the M-PESA one here too for comparison. Needless to say, M-PESA tariffs were in Kenyan Shillings so we converted them USD. The conversion rate at time of posting was 1 USD : 99.75 KShs.
Here’s the Econet one:
And here’s the M-PESA tariff schedule:
Here’s the summary of the differences:
- Where EcoCash will charge percentages of the money being transferred, M-PESA has fixed charges for transaction ranges.
- To transfer US $200 to an EcoCash subscriber, a subscriber will be charged US $4. For the same transaction, an M-PESA subscriber will be charged US 30 cents.
- To transfer US $200 to a non-EcoCash subscriber, a subscriber will be charged US $14. For the same transaction, an M-PESA subscriber will be charged US $1.80.
- To withdraw US $200 cash, an EcoCash subscriber is charged US $6. An M-PESA subscriber is charged US $1.70 for the same transaction.
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