Ecocash is on its way to slash (again) its transactions fees this year according to its Chief Executive, Natalie Jabangwe-Morris. The last time Ecocash made a similar move was last year in August. The Ecocash Head said the transactions fees could be effected before the oncoming elections. Mrs. Jabangwe-Morris said;
….I will confirm to you that we will be reducing our tariffs, hopefully, we will deal with this before the elections
The largest mobile money platform, Ecocash has been battling with its competitors, Telecash and OneMoney, who have been charging competitively lower charges. Despite its relatively higher transaction fees, Ecocash still commands an unrivaled market share (over 92%). The company which is at the forefront of the driving up financial inclusion through its (convenient) platform in Zimbabwe recorded an 18% increase in its customers last year.
If the impending reduction of transactions fees betters fees charged by its competitors, it will surely eat up other mobile money platforms share of the market.
As mobile money services continue to expand within Zimbabwe, effective, ‘pro-poor’ pricing for transferring small amounts of money will be important to mobile money’s success in bringing new users into the formal financial system. Effectively targeted and appropriate pricing is critical to sustaining EcoCash’s business model to deliver financial services to people.
Lower transactions fees coupled with the recently unveiled Ecocash Business Wallet will not only increase its market share but boosts its revenue generation. The Ecocash Business Wallet , is wallet solely meant to serve businesses by giving them more control of their funds.
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