Friday, 10 August 2012 00:00
EcoCash this week introduced a service that enables it to create a seamless link with all commercial banks in the country. Customers with bank accounts will be able to move money into an electronic wallet, from anywhere in the country.The new service also allows businesses to accept payment
through EcoCash instead of cash.
Once they receive such payment, it is automatically credited to a bank account as real cash.
The company is now installing software which allows retailers to accept EcoCash through these same terminals.
Econet Wireless Zimbabwe chief executive Mr Douglas Mboweni said EcoCash has completely changed the way Zimbabwe does business and predicted it will have a greater impact than even M-pesa in Kenya.
In Europe or America, it is possible to move around without any cash in your pocket as long as you have a credit card or a debit card.
Governments in developed countries have long urged their citizens to transact electronically. This is known as a “cashless society”.
It is fast, cheap, and very safe.
In Africa, only one country, Kenya, has really managed to achieve a high level of “cashless system”.
The country uses a mobile phone service known as M-pesa, operated by the largest operator there known as Safaricom.
While many operators in Africa are trying to establish similar systems, they have met with limited success.
Econet Wireless has EcoCash which has caught on like wildfire.
It also owns a company called TPS, which operates most of the country’s credit card terminals that already accept Visa, MasterCard and American Express cards.