What has been suspected for a while now has been confirmed in the recently released POTRAZ Q2 report of 2017: EcoCash is synonymous with mobile money in Zimbabwe. Sitting at a staggering 97.98% of market share for subscribers, the Econet-owned mobile money solution has cemented themselves as the dominant player of mobile money in Zimbabwe. Similarly holding 93.79% of the agent network in Zimbabwe one can postulate that of the over $835 million mobile money payments transacted between the months of April – June 2017 EcoCash would have undoubtedly handled a large portion of that. advertisement The tables below give a snapshot of the current situation (well, 3 months ago, and judging by how things happen in Zimbabwe, chances are high that they may have change
Mobile network provider NetOne has rebranded the mobile money facility OneWallet to OneMoney and linked it to a debit card usable on the ZimSwitch platform. Netone first launched its One Wallet mobile money service in 2011 and the relaunched second time in 2013.Since the relaunch, NetOne had made an advance payment of about $600 000 for OneWallet yet the company only recouped about $1 000 per month from the business venture. OneMoney will be officially launched soon and has already been rolled out at NetOne shops around Zimbabwe. According to NetOne acting chief executive officer Mr. Brian Mutandiro, the relaunch will cost more than $2 million, which includes equipment and its customisation, as well as rolling it out. OneMoney’s new technology partner is the one responsi
Near-Field Communication allows for payments to be made via short-range wireless connectivity to enable communication between devices when they’re touched together, or brought within a few centimeters of each other, without the need for an internet connection. The new system, which is called M-Pesa 1Tap, allows users to pay for goods from their mobile phones in a single step, rather than multiple steps that were previously required, according to Techweez. M-Pesa customers will use a wristband, phone sticker or card (which cost around $0.20) to be able to make faster payments using this new technology, before entering a PIN code on their phone in order to complete the transaction. M-Pesa 1Tap is now available in the Kenyan cities of Nairobi, Mombasa, Kisumu, Eldoret and Nye
Direct pay Online Group has launched a new version of its DUMAPAY payments App to help it’s over 25,000 merchants across Africa to accept a wider range of payment options instantly and securely. The new DUMAPAY version 2.0 is the first mobile application that supports multiple payment options in Africa. Merchants using the app will be able to accept card, e-wallets and mobile payments such as Visa, Mastercard, American Express, M-PESA, Airtel Money, MTN Money, Tigo. mVisa which is one of the payment options that has been added in the upgrade following the recent partnership Direct Pay Online had with Visa. “We always aim to be ahead of the pack when it comes to embracing technology and making things easier for our merchants. This new version of the DUMAPAY payments app ensures that o
Zimbabwe's state-owned mobile network operator NetOne plans to launch its OneMoney mobile money service in October, to complement the already-released debit card linked to the ZimSwitch platform. OneMoney will be linked to a debit card unveiled two weeks ago during the syndicated mobile money platform (SMPPS) roll-out to farmers, according to NetOne acting CEO Brian Mutandiro. The OneMoney debit card is linked to ZimSwitch and costs R40 (US$3) and customers can walk into any NetOne shop to collect their cards. "I can assure you that the mobile financial service in Zimbabwe will never be the same again," said Mutandiro, who added that Safaricom's M-Pesa supplied the vendor system for OneMoney. State-owned MNO announces intention to launch OneMoney mobile money service. "OneMone...
MOBILE telecommunications giant, NetOne is set to officially unveil its mobile money platform dubbed OneMoney along with its Zimswitch connected debit card this month. OneMoney, which is a correction and improvement of the OneWallet platform, is expected to shake the sector as people from different sectors have already expressed interest in the product. “As you can see, we are already issuing the debit cards and what is left only is the official launch, which I understand will be done by the end of this month,” a NetOne shop customer care representative told The StandardPeople. OneMoney is connected to most Zimbabwean banks which are already on the Zipit platform and customers enjoy the convenience of moving money from their banks to OneMoney and vice-versa. It becomes the second
Africa has emerged as the global leader in mobile money - thanks in part to a history of being underbanked - but phone companies are starting to see their lead in payments challenged. For 10 years, mobile network operators have dominated the mobile money services market in Africa, however fintech companies and banks are beginning to establish a solid stake in the market, according to McKinsey consultants. Mobile money is the ability of consumers to send, receive, and store money using their mobile phones. Just over 50pc of the 282 mobile-money services operating worldwide are located in sub-Saharan Africa, according to the global mobile operator representative GSMA. After a late start, a number of banks in Africa are beginning to compete aggressively for the mobile-banking customer, ...
Global money transfer service WorldRemit has partnered with the Australian and US chapters of the Zimbabwe Achievers Awards (ZAA) for the 2017 award ceremonies to be held in October and November, respectively. Now in its seventh year, the ZAA has grown to become the biggest platform celebrating the achievements of people of Zimbabwean heritage from across various fields of endeavour. Starting off in London, the awards have spread to other major cities across the globe with significant populations of Zimbabweans, starting with Johannesburg in 2014. Australia has become the fourth country to host the ZAA after the UK, South Africa and the US. Preparations are at an advanced stage for its inaugural awards gala dinner at the Hilton Hotel in Adelaide on Saturday 28 October. "The stage is ...
Harare – Zimbabwe's Econet Wireless has disabled international payments and transactions on its Mastercard-linked EcoCash mobile money debit card, citing foreign currency shortages. EcoCash has over 5 000 registered users in Zimbabwe. Cash and forex challenges are worsening by the day in Zimbabwe. The government has criticised unnecessary spending, saying foreign currency should be used for key imports such as electricity, medicine and raw materials. READ: Zim platinum forex directive will hit suppliers hard - Implats The liquidity squeeze has seen banks impose limits on Visa and Mastercard cards. Holders of these cards require approval from their banks to use them abroad. Transactions disabled Econet informed EcoCash users of the transaction policy change on Wednesday.
Africa is the global leader in mobile money, which has become an important component of Africa’s financial services landscape. Mobile network operators (MNOs) have dominated mobile money services in Africa for the past decade. More recently, fintechs have established a solid footing in the market, and a number of banks are beginning to compete aggressively for the mobile banking customer. While some banks have chosen to “go it alone”, others are forming partnerships in hopes of reaching the market faster. This article outlines five paths banks can take to retain ground in the battle for the mobile customer in Africa. Africa is the global leader in mobile money Mobile financial services (MFS) span the full spectrum of financial services, from payments and current accounts, to s