Category: Mobile Money
EcoCash joins ZimSwitch, you can now send money from EcoCash to OneMoney and other accounts directly
Last month the RBZ’s Monetary Policy Statement revealed that the date for ZimSwitch becoming the National Switch was the 30th of September. That date was an extension for the previous date set which was the 15th of August. The initial date that was set was a little ambitious because the integration that the RBZ required […]
Mobile money subscriptions took a dip in Q2, this could be the start of a downward trend
The POTRAZ Sector Performance Report for the second quarter of 2020 revealed a dip in the number of active mobile money subscriptions. The figure recorded for Q2 2020 was 7 457 652 active subscribers across all mobile money platforms. This is a 2.8% decrease from the figure recorded in the first quarter which stood at […]
OneMoney added 337 000 subscribers in Q2 whilst other mobile money services struggled – What gives?
POTRAZ Q2 2020 report is out and whilst the mobile money industry generally took a big hit, NetOne seemed to do exceedingly well in the same period. EcoCash (the industry leader) and Telecash lost 7.6% and 34% of their subscribers respectively. In the same climate, one would assume that OneMoney would also be struggling but […]
EcoCash urges subscribers with multiple accounts to move funds by 25 September
Earlier this month, EcoCash announced that the deadline for moving funds for multiple account holders to one account was going to be 6 September. It seems a significant number of people missed the initial deadline and so they’ve extended it to the 25th. EcoCash users with multiple accounts will have to move them to a […]
President ED – State had to act against EcoCash because $8.4 billion was circulating outside the banking system
President Mnangagwa recently addressed a ZANU-PF Committee in Gweru and in that address he spoke on the long-running feud between EcoCash and the state. The President had some interesting things to say about the mobile money operator which has been accused by the financial regulator and state officials of being behind runaway inflation. We realised […]
Win US$1K by composing a song for EcoCash
EcoCash is hosting a social media singing competition that will see the winner walk away with US$1000. The song will probably be used for marketing purposes as the entries that will be considered should be themed around living life the EcoCash way. So what do you do, if you want to participate? Follow these steps; […]
EcoCash blood in the water, who will take advantage?
The payments space is in for some very big changes. Some of these changes we may be able to see. Others we can speculate on and there are others that are beyond the horizon. EcoCash, which seemed almost like a utility, is about to be equalised. The levelling of the playing field hasn’t come because […]
EcoCash sets deadline for multiple accounts for the 6th of September 2020
In adherence to the Monetary Policy Statement put out by the Reserve Bank of Zimbabwe. Individuals are no longer allowed to have multiple EcoCash accounts. In a message sent out to customers Ecocash said the following: Public Announcement If you have 2 or more EcoCash lines dial *150# option 5 to select your primary wallet […]
You can now buy ZESA tokens on credit using EcoCash
EcoCash recently made it possible to buy ZESA tokens on credit. By simpling dialling *179# you can access the new service. You can get ZESA tokens on credit valued at ZW$50 using the service and you’ll back at 26% interest. This means you’ll pay back ZW$63 bucks for your ZW$50 token. The interest seems a […]
Beware! Scammers promising to upgrade daily EcoCash account limits
The RBZ recently placed stricter regulations on mobile money service providers. You may have heard that you can no longer transact over ZW$5000 daily. Interestingly, we came across a WhatsApp message that we believe is a scam. It claims that you can actually upgrade your EcoCash account and once you have done so you’ll be […]
OneMoney follows EcoCash and effects ZW$5000 daily transaction limit
Many people were wondering if OneMoney and Telecash would all be subjected to the same regulations that were recently put into effect by EcoCash. Well, OneMoney is the second mobile money operator to effect the ZW$5000/daily transaction limit. NetOne subscribers received the message below this morning; Dear Customer. Following a RBZ directive, OneMoney transactions are […]
Video: EcoCash sets daily limit at Z$5000. Who is hit hardest?
RBZ issued a monetary statement directing mobile money wallets to suspend agent accounts and set a daily limit of Z$5000. In this video we look at what this means for the average Zimbabwean as well as who is most affected. Quick NetOne, Econet, And Telecel Airtime Recharge Number to recharge: Airtime amount ($): EcoCash or […]
EcoCash Payroll and OnePay under threat as RBZ directive suggests banning of salary processing
EcoCash Payroll and NetOne’s OnePay solution pretty much solve the same problem – allowing businesses to pay their employees salaries. The RBZs recent pronouncements in the Monetary Policy statement indicate that payroll services face existential threat. In the Monetary Policy Statement, RBZ says the following; Mobile payment operators have been turning a blind eye and […]
What can you buy with the ZWL$5000 EcoCash limit?
In abiding by the Reserve Bank of Zimbabwe’s directives, EcoCash has instituted a ZWL$5000.00 a day limit on transactions. The outline of how this will affect daily transactions is as follows: “Transactions by all individuals shall be pegged at a maximum of ZWS5,000 (five thousand Zimbabwe dollars) per day with immediate effect. This threshold relates […]
2 Ecocash accounts? The less active one will be closed
Last week, we reported that the RBZ had announced with immediate effect that each individual would be allowed to only have one mobile money account. This means individuals with multiple EcoCash accounts will be affected. The question that immediately came up was simple. “If I have two accounts which one will be closed?” Well, the […]
EcoCash limits transactions to $5000 per day
In accordance with the Reserve Bank of Zimbabwe’s Monetary Policy Statement on Friday EcoCash put out the following press release: EcoCashNotice to All EcoCash CustomersDear Valued CustomersPlease be advised that we have received a directive from the Reserve Bank of Zimbabwe to the following effect; 1. Transactions by all individuals shall be pegged at a […]
EcoCash & others given until 30 September to connect to ZimSwitch
The assumed deadline for the ZimSwitch’s role as the national switch was the 15th of August 2020. That deadline has passed and that led many to wonder when this measure will come into effect. Earlier this week sources at EcoCash revealed that they hadn’t met the deadline that was set by the Reserve Bank of […]
RBZ details faults of mobile money services which led to regulatory pressure
Zimbabwe’s Central Bank (aka RBZ) has been on a war path with mobile money services (mainly EcoCash) for most of the year. RBZ firmly believes EcoCash and other mobile money services have led to the currency instability in Zimbabwe. After some court battles and tightening of mobile money regulations, mobile money in Zimbabwe looks much […]
Agent lines banned by RBZ as “they no longer serve any legitimate purpose”
Earlier today, the RBZ published the Monetary Policy Statement and there are a number of pretty shocking declarations. One of which is that agents lines are officially a thing of the past. The same document also outlines that mobile money wallets will now be limited to one per individual. RIP agents (2011-2020) Agents have been […]
RBZ announces mobile money rule: Individuals can’t have more than one wallet anymore
The Monetary Policy Statement (MPS) is out and as we expect, the RBZ has announced some surprise regulations. The war against mobile money is far from over it appears… What’s the new rule? Under the section titled “measures to address mobile banking deficiencies” is a set of new regulations. Mobile money operators “shall with immediate […]
No, you can’t send money from EcoCash to OneMoney yet
On the 9th of July, the Reserve Bank of Zimbabwe issued a directive that made ZimSwitch the national payments switch. This meant that EcoCash was going to be relegated to being just another wallet. ZimSwitch as the national switch for Mobile Money means that one can essentially send money from EcoCash to OneMoney or Telecash […]
FBC was listening, as Civil Servants can now convert USD allowance via USSD
The ladies and gentlemen over at FBC must either have an ear to the ground or they had this one in the pipeline. A couple of days ago we reported that FBC was making facilities available for Civil Servants to liquidate their US$75 allowance over WhatsApp and email. As progressive as those moves are they […]
OneMoney has reviewed service fees
One Money has reviewed service fees. The new prices are as follows: Transaction Tariffs Lower Value ZWL$ Upper Value ZWL$ Bill Payment Merchant Payment 1.00 1.99 0.17 0.03 2.00 5.00 0.35 0.18 5.01 10.00 0.55 0.24 10.01 20.00 0.85 0.71 20.01 30.00 1.35 1.16 30.01 40.00 1.67 1.63 40.01 50.00 2.55 2.19 50.01 60.00 3.29 […]
CABS launches a service to send money to any number, here’s why it won’t work
At first glance this looked rather interesting. A service that allowed CABS account holders to send money to any mobile money number. That initial excitement faded though as I went deeper into CABS’ new service Send-to-Cell. How does it work? As mentioned before CABS customer can send money to any mobile money number regardless of […]
EcoCash has increased tariffs
EcoCash charges have been reviewed upwards. This follows a change made in March this year. The assumption is that the company has finally been given the green to increase the charges, as this is regulated by the Reserve of Zimbabwe. Here are some quick example of what you should expect to pay in fees for […]
EcoCash “currency manipulation” probe delays Cassava Smartech financial report
Cassava Smartech announced that they have delayed the release of their audited financial statements for fiscal year-end February 2020. They made this announcement to shareholders citing that the delay is being caused by the “regulatory review” of one of the company’s key holdings EcoCash. The previously mentioned regulatory review is a currency manipulation investigation being […]
State of mobile money in Southern Africa
Being a young Zimbabwean who holds no faith in our banking system – mobile money has been a big part of my life. Around 49% of Zimbabweans are registered with a mobile money service. 1 in 2 Zimbos is a significant number and this got me wondering – Is the story the same in other […]
Econet CEO – Issuance of search warrants one of the tools used by state to interfere with rights
The court documentation filed by Econet as part of their Urgent Chamber Application to temporarily suspend the Magistrate Court’s decision to issue a Search and Seizure warranty to the ZRP makes for interesting reading. Econet Wireless’ Chief Executive Officer, Douglas Mboweni has a written statement that is part of the Urgent Chamber application and in […]
Monetising Zoom calls through M-Pesa [Kenya]
With the popularity of Zoom during the coronavirus pandemic, it was just a matter of time till this service was in some way monetised on the user end. With cases on the rise and people looking for alternatives that limit the disruption of business, Safaricom’s M-Pesa seems to have struck on a solution for businesses […]
Warrant permitting ZRP to raid Econet unconstitutional – Fadzayi Mahere
On Friday, the Magistrate’s court issued a search and seizure warrant giving the ZRP permission to raid Econet Wireless offices. The Criminal Investigation Department sought the warrant on the basis that they suspect Econet Wireless to be “involved in money laundering”. In fact, the allegations are that Econet Wireless and subsidiaries created and issued “non-attributable […]