Zimbabwe and regional technology news and updates

RBZ Freezes EcoCash Agent Accounts That Handle Above ZW$100 000 Per Month – Here’s Why That’s Dumb

Another day another confusing decision by the RBZ… The central bank has directed EcoCash and other mobile money service providers (think OneMoney, Telecash & MyCash) to freeze accounts belonging to agents with transaction activity above ZW$100 000. Whilst at this point its fair to say we have become accustomed to such weird declarations and laws […]

RBZ Freezes More EcoCash, OneMoney Agents- Strategy Still Not Working

The Herald reports that the Reserve Bank of Zimbabwe has closed down more (undisclosed) mobile money agent lines in a bid to arrest the deterioration in value of the Zimbabwe local currency. According to The Herald, the Financial Intelligence Unit (FIU) of the central bank says that the agent accounts were moving large values which […]

No, You Can’t Send Money From EcoCash To OneMoney – Here’s What’s Possible

A number of tweets have led people to believe they can now send money from an EcoCash account to a OneMoney account directly (i.e without the need for an agent). The above tweet is an example of the euphoria around this issue but it’s important to note that this has always been possible. Moving money […]

New Law Compels EcoCash- OneMoney Interoperability: Will It Change Things?

Recently, Statutory Instrument 80 (SI80) was effected into law and among the big talking points is the fact that all mobile money operators will be mandated to connect to a national payment switch; It shall be mandatory for every money transmission provider and mobile banking provider shall be connected to a national payment switch, as […]

Telecel Cuts Employees Salaries To ZW$800 & Blames It On Coronavirus

Telecel rarely makes the news cycle for positive reasons these days and today is no different. It’s being reported that some of Telecel’s workforce got their salaries cut to just ZW$800 (around US$16). Staffers allegedly received an email informing them that the cuts were due to pressures exerted on the business by Covid-19; This mail […]

Protecting Monopoly Through COVID-19: EcoCash Scraps Fees For COVID Relief Funds

EcoCash has announced that they will be removing processing fees for cash transfers designated as COVID-19 relief funds. The move seems to be a direct response to the government choosing to exclusively distribute COVID-19 relief funds through OneMoney, the mobile money platform that rivals EcoCash. EcoCash has moved to remove all processing fees for cash […]

Propping Up NetOne At All Costs, Gvt To Distribute COVID 19 Funds Exclusively Through OneMoney

A quick glance at the most recent POTRAZ telecoms sector reports makes it clear that EcoCash is still the mobile money service used by most Zimbabweans with a market share of 91.9% and 98.9% of the total value of mobile money transactions. We were pretty surprised when it was brought to our attention (on good […]

Econet Opens Up Coronavirus Donations Line

We’ve covered a number of positive steps and efforts being taken by Zimbabweans and the international community to help our country prepare for COVID-19. Zim’s largest mobile network operator, Econet has opened an EcoCash line for people who want to donate to help during the crisis. To donate to this cause; Dial *151# Select Option […]

EcoCash Increases Transaction Limits As ZWL Continues To Fall

As Zimbabwe’s currency continues to take a beating, the country’s leading consumer payments platform, EcoCash has revised its ceiling on transactions. These limits are set with the approval of the RBZ. Given that the central bank is in denial as to the actual value of its currency the revisions come short of what the market […]

NetOne Board Facing Expulsion Whilst CEO Continues To Be Investigated

NetOne’s boardroom squabbles have been well documented to this point but now there is another twist with Zim Morning Post reporting that the entire NetOne board is on the verge of expulsion. Proserve Consultancy reportedly conducted an individual evaluation of all board members and reportedly and the board was found to be incompetent. The board’s […]

EcoCash & Mobile Money Players To Pay Out Interest If You Keep Your Money In Your Wallet

Mthuli Ncube is said to have gazetted a new financial instrument yesterday that will enable mobile money users to receive interest on the money they keep in their mobile money wallets (i.e EcoCash, OneMoney, Telecash and MyCash). At inception, mobile money users will get interest rates of about 0.02%/day; If you keep a $100 dollars […]

Mobile Money Transactions To Be Scrutinised DAILY By Mthuli Ncube Task Force

On launching his Currency Stabilisation Task Force today, the minister of finance touched on mobile money specifically. Mobile money has been a scapegoat when it comes to the runaway inflation and its causative agent: accelerated decline in the value of the local currency. Ncube proposes to: Place limits on daily bulk payer transactions. Bulk payments […]

EcoCash Nicodemusly Raises Charges

For the latest EcoCash Charges, please see this August 2020 update. We recently got a tip to the effect that EcoCash had silently raised charges for EcoCash biller charges, slapping a $5 fee per transaction; Ecocash biller charges have shot up to $5 flat per transaction irrespective of amount. Was shocked today when sending various amounts for […]

EcoCash Distances Self From Fake Customer Service Number

EcoCash took to their social media channels to warn subscribers using the mobile money service to avoid interfacing with a certain fake support number claiming to process instant renewals. The fake support number has been associated with the following message: Econet Urgent Notice Don’t be delayed by calling EcoCash for reversals and hanging transactions simply […]

Bankers Association Wrongly Says Mobile Money Services Have Unfair Advantage Over Banks

During the recently held Parliamentary Portfolio Committee meeting, Bankers Association of Zimbabwe raised concerns regarding mobile money services and the unfair advantage they have over financial institutions. Dephine Mazambani, BAZs Chief Economist said the advantage stems from EcoCash and other mobile money services being regulated by POTRAZ and not the RBZ, which simply isn’t true: […]

OneMoney Partnership With ZIMRA Enables Payment Of Taxes, Custom Duties & Business Partner Numbers

Last September, NetOne announced a partnership with ZIMRA that would allow businesses and individuals to pay their assessment and business partner numbers using NetOne’s mobile money service. The BP number is used as an identification number for businesses whilst taxpayers can use the assessment number to identify their tax arrears before making payments. Think of […]

MTN Launches Mobile Money In South Africa Again

In 2012, MTN launched a mobile money service in South Africa but closed it down 4 years later due to prohibitive operating costs. That would’ve been a sad way for the story to end so fast-forward another 4 years and MTN is launching mobile money services in South Africa once again. This time they are […]

[Updated] EcoCash Users Now Able To Reverse Transactions Via USSD

EcoCash has introduced a new option for people who’ve mistakenly sent money to the wrong individual. By dialling *150# and selecting option 3 (Self Help/Reversal) EcoCash subscribers can either submit a reversal or approve the reversal of a transaction. Transaction reversal will require both parties to approve, so those of you who thought they would […]

Vodafone Withdraws From FB’s Libra Association To Focus On M-Pesa

Following Facebook’s announcement of Libra, there was a brief honeymoon phase where crypto and tech enthusiasts celebrated the coming of this digital currency which would leverage Facebook’s digital footprint of 2.45+ billion users. Fast forward 7 months and that enthusiasm has died down. A number of Libra association members have stepped down with Vodafone being […]

Breaking: EcoCash Tariffs Going Up, RBZ Has Approved

The Reserve Bank of Zimbabwe has just approved the adjustment of transaction fees upwards by Zimbabwe’s largest mobile money operator, EcoCash. According to reliable sources this approval has been granted this very afternoon. We are yet to get our hands on the new transaction fee schedule. Our sources have informed that EcoCash will effect the […]

Franchise Model One Of The Keys To OneMoney’s Growth – NetOne CEO

OneMoney has been on an upward trajectory for a while now. In October, NetOne revealed that their mobile money platform had gained 97% in a single quarter. In a recent interview, Lazarus Muchenje (CEO of NetOne) revealed some of the strategies behind the growth of OneMoney and offers insight on what has changed at NetOne […]

[Video] EcoCash CEO Thanks Users For Patience During Bumpy Upgrade

EcoCash’s CEO Natalie Jabangwe thanked users of the mobile money service for their patience with EcoCash: EcoCash’s November upgrade was marred with glitches and for weeks after the mobile money platform was in a worse-off state than it had been pre-upgrade. It’s no surprise that in the video above the CEO mentions that they’re still […]

OneMoney Extends Free Transactions Promo Until March 2020

At the end of November, OneMoney announced that they would 0 rate all transactions on the mobile money platform until 31 December. One would assume that the tactic is working because OneMoney has announced an extension of the promotion until March 2020. To help usher in the year 2020, NetOne has extend the zero-tariff promotion […]

Alleged Fraudster Generates $20 000 Worth Of Fake EcoCash Payments

We’ve talked about fake EcoCash payments before, here and more recently here. Another case of EcoCash related cyber-crime has occurred with a Bulawayo based man being accused of defrauding a supermarket after faking EcoCash payments to the tune of 20 000 on different occasions. He is said to have approached the employees at the supermarket […]

Podcast On OneMoney To Overtake EcoCash In 2 Years

On this episode of the Techzim podcast, we have a discussion on whether the statement by NetOne CEO Lazarus Muchenje that OneMoney will overtake EcoCash in 2 years is even possible. Some of the questions on our minds were: Has OneMoney been growing? What are the use cases for OneMoney? How is NetOne convincing people […]

EcoCash Is Down… Again

EcoCash has been stuck in an upgrade cycle since Saturday 16 November. Whilst the planned upgrade has been announced as complete a number of time since that date the service hasn’t really worked optimally for the last 3 weeks. It seems the platform is now down again with users getting one of many error messages […]

EcoCash Users Flock To Econet Shop To Get Assistance As Post-Upgrade Problems Drag On

EcoCash upgraded their platform two weeks ago but most users of the platform have reached that the upgrade was in actuality a downgrade for all intents and purposes. After the upgrade users couldn’t buy airtime, had their accounts blocked and lost money whilst trying to transact. The icing on the cake was a botched user […]

EcoCash Sending Weird Messages To Subscribers

This evening (Monday 2nd Novemebr 2019), EcoCash has sent some weird messages to some of their subscribers. It’s not so clear what these messages are but they seem to suggest that one has done a bill payment transaction even if they haven’t. Here’s a screenshot of the messages: The balance doesn’t seem to be affected. […]

How To Move Money From Your Bank To Your OneMoney Wallet

OneMoney announced their festive promotion earlier this week and in addition to transacting for free until the end of the year, there’s also a 1GB data incentive for those willing to move their funds from their bank to their OneMoney wallet. You may have been wondering how to move your money from your bank to […]

Podcast On The EcoCash Outage

On this episode of the Techzim podcast, we have a discussion on the EcoCash system upgrade that turned into an outage. Some of the questions on our minds were: Do these things happen? What could they have done better? The new features, how are they? Isn’t Zimbabwe too vulnerable to EcoCash? You can listen on […]