MICROCAPITAL BRIEF: Econet Wireless Zimbabwe, Telecel Zimbabwe Each Launch Mobile Banking Services

Econet Wireless Zimbabwe, a telecommunications provider in Zimbabwe, and Telecel Zimbabwe, a local mobile phone network, have separately launched mobile banking services. Telecel has partnered on its effort with ZimSwitch, a financial platform based in Zimbabwe that is used to carry out transactions amongst banks. Econet has launched EcoCash, its mobile banking platform, which is managed in-house. Both services allow customers to transfer, withdraw, deposit and receive money using their mobile phones.

Analysts have expressed concern that the transaction costs of both mobile services are too high. For EcoCash, transaction charges range from two percent to seven percent. The transaction rates for ZimSwitch are unavailable as of this writing. Telecel reportedly is expected to lower its costs, but no such word is available regarding EcoCash’s fees.

By Cameron Milani, Research Associate

Sources and Additional Resources:

Zimbabwe Independent, “Mobile Banking Services Launch Chart a New Era” http://www.theindependent.co.zw/business/32729-mobile-banking-services-l…

MyZimbabwe, “Telecel Zimbabwe Launches a Mobile Banking Service That’s Powered by ZimSwitch” http://www.myzimbabwe.co.zw/technology/it-news/163-telecel-zimbabwe-laun

MicroCapital.org, October 7, 2011: “MICROCAPITAL EVENT: Technology Innovation for Banks in Growth Economies, London, United Kingdom, November 29 – November 30, 2011” https://www.microcapital.org/microfinance-event-technology-innovation-for

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