Plastic Money: EcoCash Reduce Charges to 1 Cent

Harare – Zimbabwe’s largest mobile money payment enabler, EcoCash powered by Econet Wireless has slashed its tariffs by 50 percent, with some transactions lowered to 1 cent.

The reduction effective at the onset of July is meant to promote cashless payment, reported to have peaked above US$1 billion by April 2017, according to ZimSwitch.

Derick Matsengarwodzi
“In view of liquidity challenges, EcoCash continues to give our customers the convenience, security, as well as affordability to buy goods and services without the worry of accessing cash,” stated Econet chief executive, Douglas Mboweni speaking to the Sunday Mail.
EcoCash has Reduced Tariffs

Though hard cash remains elusive, plastic money has become an alternative for many, however some remote areas still battle to process transactions.

“Our vision is to see a situation where our customers can buy literally everything using EcoCash from payment of utility bills, hospital bills, purchase of groceries, fuel, school fees, and at vendors’ markets.

Mboweni added: “I am grateful that we are already moving in that transition and importantly are thankful to our regulators and customers for the support that they continue giving us in seeing to it that we attain a truly cashless society.”

Econet has been running a payment promotion which ended in June.

“Our ‘Zero Fees Thursdays’, where we were not charging our customers merchant fees, ended on 30 June 2017 and the reduction of merchant fees today is part of our vision to continue giving our customers value for their money.”

What is EcoCash?
According its website, EcoCash is an innovative mobile payment solution that enables Econet customers to complete simple financial transactions such as sending money, airtime purchase, and paying for goods and various services.

Other services include:
  • Transfer (send) money to Econet customers only
  • Pay for goods and services locally and internationally
  • Pay bills such as school fees, Council utility bills 
  • Withdraw money/ Cash-Out
  • Buy Econet prepaid airtime, text, data bundles or pay a direct connect account for yourself and other Econet subscribers
  • Make secure online payments
  • Receive money from diaspora
  • Access loans

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