Tag: Mobile Banking
Here’s the latest Techzim Podcast. Recorded yesterday 19 January 2013, it’s our first podcast of the year. In there we discuss the issue of Econet finally opening up its network to the local banks for money transfer services, The Easyparts.co.zw eCommerce play, the issue of net neutrality as it applies to Zimbabwe and other issues. […]
A few days ago, we broke the news that Econet and the banks are finally warming to each other on the issue of banks being granted access to Econet subscribers so they also provide mobile money transfer service to them. The banks are not completely happy yet, but integration talks are on and some of […]
This analysis shall be in three parts. To thoroughly assess the payments landscape in Zimbabwe, I shall use three frameworks, or if you like, perspectives or concepts. These are; disruptive innovation, the long tail and open innovation. Disruptive Innovation There is adequate literature on disruptive innovation. For the benefit of the reader, I will briefly […]
Sources in the industry have exclusively told us that Econet has finally given in to the pressure of the banks, regulatory authorities to open up full USSD functionality for the ZimSwitch mobile money transfer services. Specifically, this means in the coming weeks and months, banks, through the ZimSwitch Shared Services platform, will be able to […]
First, congratulations to the EcoCash team for winning the AfricaCom Best Mobile Money award. No doubt a few heads have turned towards Zimbabwe and we appreciate it. Congratulations as well to NetOne for the OneWallet re-launch. We hold our breath as we await Telecel’s Telecash launch. There has been quite some hype surrounding Telecash’s mobile […]
As you may know, we’ve had the opportunity to check out the Telecash menu before they have made it available to the public. We posted a number of screenshots here. The one thing however that hasn’t been too clear to date, in terms of how the mobile money platform will work, is how its going […]
Those of us who use mobile banking have at one time or another experienced the pain using USSD especially when performing relatively complex transactions such as interbank transactions. One has to wade through multiple menus, selecting options and going back and forth between screens. Worse if the transaction fails at some stage it is often […]
At the company’s AGM recently Econet Wireless Zimbabwe explained to shareholders that the group is looking to services such as the mobile money service, EcoCash, for continued profitability and new value for shareholders. According to a report by local financial analysis email service, Financial Express, Econet Wireless Group Chief Operations Officer Tracy Mpofu said at […]
The article below is a statement issued by ZimSwitch on the state and progress made with the ZimSwitch Shared Services payments switching platform. The statement was issued to us as part of the research that we made over the past few weeks for the article Zimbabwe: Of banks, Mobile Money and EcoCash. It has been a busy year […]
Many like myself are probably wondering about the future of Mobile Money in Zimbabwe. On one side we have EcoCash bullishly rolling out merchant after merchant gathering enough momentum to fully implement a system perhaps even more speedily adopted than M-Pesa of Kenya. On the other hand we have the banks under the banner of […]
Last year, Telecel Zimbabwe pulled a ‘surprise of the year’ move on all of us; A mobile operator killed its mobile money service. No one knows (well, except them and probably ZimSwitch) when exactly Skwama was killed because it was done silently, only to be disclosed when we asked about the disappeared product in September last year.
A report in the state owned Herald newspaper today says that government has approved an increase in taxes for ‘mobile network charges’ and ‘mobile banking charges’ apparently to fund an upcoming general election. The revelation was made by Zim finance minister Tendai Biti yesterday as he addressed the media on the state of the economy. […]
Between December 2012 and February this year, Econet announced in quick succession, the integration of its EcoCash mobile money transfer service to traditional banks, allowing EcoCash users to transfer money seamlessly between their bank accounts and EcoCash Wallets. It was CBZ, TN Bank, Stanbic, Agribank then ZB Bank.
Last week, Barclays announced a money transfer service called Cashsend that lets the bank’s customers with debit cards send money to anyone in Zimbabwe via an ATM. The service is one of the most innovative to come out of a bank in Zimbabwe and rivals other money transfer services on the market like EcoCash, Western Union and TextaCash.
Mukuru.com has just announced the launch of a new cellphone based debit card in South Africa. It something like mobile banking services locally, except this is optimised for existing Mukuru services in addition to using the card for regular banking and point of sale. The new card is backed by Standard Bank.
Sometime in the midst of September 1958 the Bank of America began its Visa card program by mailing 60,000 unsolicited credit cards over all the country. This resulted in the first most successful implementation of a public general credit card and to this day Visa has the largest market share in the credit card industry
Barclays will be launching its mobile banking application Hello Money, in Zimbabwe this month. The announcement was made as part of the launch of new ATMs by the company a few days ago. Hello Money will allow Barclays account holders to transfer money to a Barclays account or to an account at another banking institution, airtime top up, mini statements and balance enquiries.
Agribank has become the latest Zimbabwean bank to integrate with the EcoCash mobile money transfer system. The announcement was made today at a press conference jointly held by the bank and Econet Wireless today in Harare. The integration is basically the same as that which Econet has secured with 3 banks so far i.e. to allow EcoCash customers to transfer money between their Agribank account and their EcoCash wallet, and the ability to do that even when they are out of the country.
Yesterday, Econet made an announcement via a release to assure the market that issues (these, issues) have been resolved with “virtually all banks” and that if everything works according to plan, all banks that want to be connected to EcoCash, would be integrated by end of March 2013. According to the release Econet is apparently responding to fears by some financial institutions that they’ll lose customer to EcoCash integrated banks.
Just a week after announcing the hire of former FNB executive to head its newly acquired bank, Econet disclosed today (somewhat inadvertently) the hire of another banker, Cuthbert Tembedza, to fill a newly created position of EcoCash CEO.
We’re just from a press conference where Econet Wireless and Stanbic Bank announced the integration of Econet’s mobile money transfer platform, EcoCash, with Stanbic’s banking system allowing EcoCash subscribers to transfer money from and to their Stanbic accounts. Selected branches of Stanbic will also act as EcoCash Super Agents allowing EcoCash agents and customers to do EcoCash transactions.
As alluded to earlier today, we had the opportunity recently to talk to CABS Managing Director Kevin Terry, about their mobile banking service, Textacash. We discussed how they introduced the new mobile phone (and card) based banking product in a radically changed financial sector. We also how they are reaching the unbanked and briefly touched on the role of mobile operators and the regulators. Below is an edited transcript of the interview.
We held an interview recently with CABS Managing Director Kevin Terry in which talked at length about the company’s development of its mobile money product Textacash.
A report today by financial news and analysis service FinX says the Bankers Association of Zimbabwe have proposed that mobile money services be included in new banking reforms for the country. This, the bankers say, would create a level playing field in an sector facing significant disruption from mobile phone operators.
Yesterday, Econet published in an advert the announcement that the industry knew would come sooner or later. The mobile operator has now integrated EcoCash, its mobile money transfer service, to TN Bank, the bank it acquired earlier this year. The development means TN bank customers that use EcoCash will be able to transfer money from the bank accounts to their EcoCash wallets and vice versa.
Today we attended a press briefing where Econet Wireless Zimbabwe and CBZ Bank were announced a new mobile banking partnership. The partnership basically entails that EcoCash subscribers who bank with CBZ can now move money between their EcoCash mobile money wallet and their traditional bank account from their mobile phones. Users of the service can also check the bank balance and get a mini statement all via EcoCash.
CBZ Bank, Zimbabwe’s largest bank, has become the first bank in the country to get a direct connection to the EcoCash service from Econet Wireless. Customers of the bank who have an EcoCash ‘eWallet’ can put money into the account using their cell phones. They can also take money from their eWallets and deposit it directly into a CBZ bank account.
The ePayments Forum is a platform of common interest that seeks to bring together stakeholders in the plastic money, mobile money, and internet banking sector (collectively known as ePayments). The inaugural event is organised by Techzim events through the valued support of sponsorship partners:
One of the things that came out of the EcoCash tour that we were part of recently was that internet payments are not near the top of their priority list in terms of the roll out of payments. Understandably so actually; there are bigger, immediate and bankable needs to address away from the web. Needless […]
Japhet Aritho, former Head of M-PESA Product Development and Operations at Safaricom When we attended the EcoCash tour yesterday, two developments at the company stood out: A new hire, former Safaricom executive Japhet Aritho (Head of M-PESA Product Development and Operations) has joined the EcoCash team as Chief Operating Officer of Econet Services. And yes, […]