Econet, Western Union to integrate systems

ECONETFrom Martin Kadzere in Bulawayo
ECONET Wireless has entered into a commercial arrangement with global money transfer agency Western Union that will enable people to send money from abroad to account holders of its mobile money transfer platform EcoCash.  
This means EcoCash account holders will not need to physically visit Western Union branches to receive money sent through the money transfer agency.

Econet and Western Union are now working on integrating their systems, Mr Eddie Chibi, chief sales officer of Econet Services said on the sideline of SME’s conference in Bulawayo yesterday.

The workshop, jointly organized by the Zimbabwe Revenue Authority and SME Ministry was held concurrently with the ongoing Zimbabwe International Trade Fair.

“We have signed a commercial agreement with Western Union and are now working on system integration,” said Mr Chibi.

“When (people living abroad) send money, they actually specify the (mobile) number and the money will come straight into your (EcoCash) wallet.”

It is estimated that more than three million people living are living outside the country, with the majority living in neighbouring South Africa.

Addressing the same conference earlier, Mr Chibi said Econet was awaiting regulatory approvals from South African authorities to introduce EcoCash service to Econet subscribers of roaming.

He said the new service was likely to see remittances from South Africa growing as well as improving accountability. Since its inception in 2011, EcoCash now has 4,2 million account holders.

The service has also helped to mobilise funds outside the banking system (financial inclusion).

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  • Nevanji

    Innovative agreements permitting a wider audience to use its services is the way to go. While traditional Zimbabwean banks are content to sit on their laurels with their hopes based on a captive audience offering poor services and options, others are forging ahead.
    Time for all banks to embrace new technologies and methods, otherwise be prepared to be relegated as footnotes in the financial history books!

  • maitiroenyu

    Western Union should revise their charges for transfers to Zimbabwe, at the moment their charges are not fair, they tend to charge Zimbabweans a lot more compared to what they charge transfers to Nigeria or India…I would prefer a direct link from bank to Econet and cut out the middleman Western Union.