There is a Twitter user by the name of @PrivateDaniels who revealed the stark contrast in fees between an EcoCash to EcoCash and a ZIPIT transaction from his bank to an EcoCash user (yay interoperability). He (I am assuming its a male judging from the handle) sent ZWL$2 000 from his EcoCash to another and did the same with a ZIPIT transaction out his BancABC to another EcoCash user directly. The figures he posted revealed that the mobile money operator (MMO) isn’t doing itself any favours and will run itself out business.
For the EcoCash transaction his starting balance was ZWL$2254.31 and after the transaction of ZWL$2000 he was left with ZWL$143.66. Doing the maths that’s the starting balance minus the amount transferred. We are left with ZWL$254.31 which we will remove the final balance from to get the charge, which is ZWL$110.65.
For the ZIPIT transaction, the starting balance was ZWL$31 851.95 and the same amount was transferred. BancABC charged @PrivateDaniel ZWL$25.00 for the outgoing ZIPIT and ZWL$40.00 for the 2% Tax.
The total amount in fees for the ZIPIT transaction was ZWL$65.00. That’s ZWL$45.65 less than sending the same amount over EcoCash.
You might as well open a bank account than to send money over EcoCash
The difference might be minor to some but in these very difficult times, every penny counts. It is much more reasonable to send money to someone’s bank account than it is to send via EcoCash. This means that if I know someone with who relies solely on an EcoCash wallet, I’d send them money from my bank directly meaning EcoCash gets nothing from that transaction.
Eventually, I’d probably recommend they open an FBC account on their phone and send them the money via ZIPIT so they also ebjoy low fees when they get to use the money.
It gets much worse when we look at the EcoCash charges that are coming into effect on the 14th of January. That same transaction next year will cost ZWL$40.00 (2% Tax) and a ZWL$91.85 fee to send to a registered user. That’s a grand total of ZWL$ 131.85, that’s a 19.16% increase from the current fees!
Even if bank fees go up, I doubt they will get up to an amount anywhere near what EcoCash is charging.