In Zimbabwe, those in tech (and banking) will remember 2011 as the year of mobile banking. Not in the sense of the use of mobile banking services by Zimbabweans, but more that it’s the year almost every financial institution and all mobile operators launched.
One of the issues that have slowed adoption (or at least that discouraged some of us) is the cost of transacting. Last month for example, we compared the transacting costs of EcoCash to Safaricom’s M-PESA in Kenya and the conclusions we drew were that EcoCash was priced quite high.
To be clear, choosing one service over another is not just an issue of price. There are other things as well. How convenient the service is being a major one. A game of trade-offs like most things.
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We post below a comparison of the transacting fees of the most visible mobile banking services available. The second diagram is an example of transferring $25 and $200 from the different institutions. We will be posting updates as more banks (and telecom operators) launch.
Update (Nov 23): We were informed by Econet through the comments that the Balance Enquiry and Money Transfer fees were revised downwards weeks ago and that they just hadn’t updated their website (where we took the figures) yet. We have updated the tables accordingly.