Mahindra Comviva, an Indian service provider to mobile operators, reportedly has partnered with the Zimbabwean arm of South Africa’s Econet Wireless to execute the first deployment of the “connectMoney Service Manager”, which will allow users of the EcoCash service of EcoNet to withdraw cash at designated automated teller machines (ATMs) and perform other financial transactions online. Through the partnership, Econet also will issue MasterCard debit cards that are linked to EcoCash Wallets.
As of February 2014, Econet Wireless Zimbabwe reported total assets of USD 1.2 billion and 8.8 million subscribers. Econet Wireless operates in 10 countries. Mahindra Comviva is part of the Indian Mahindra Group, which has USD 16.5 billion in assets as of 2014.
By Emily Teleposky, Research Associate
About Econet Wireless Group:
Based in South Africa, Econet Wireless is a telecommunications group with operations in China, UAE, UK and several countries in Africa. It offers mobile telephones, fixed telephones, internet and satellite services. The group’s subsidiaries include Econet Wireless International, Econet Wireless Africa, Econet Wireless Global and Liquid Telecom. Ecocash is Econet’s money transfer service that allows Econet customers to transfer money between mobile phones. As of February 2014, Econet Wireless Zimbabwe reported total assets of USD 1.2 billion and 8.8 million subscribers. Similar data on the rest of the group, which is privately held, is unavailable.
About Mahindra Comviva:
Mahindra Comviva is a service provider to mobile operators that is based in India. Its solutions are deployed by approximately 130 mobile service providers and financial institutions in 90 countries, mainly in Africa, Asia, Latin America and the Middle East. Mahindra Comviva is part of the Mahindra Group which has USD 16.5 billion in assets as of 2014.
Additional Sources and Resources:
[1] Mahindra Comviva’s connectMoney Service Manager takes Mobile Money to the Next Level, http://www.mahindracomviva.com/media/Mahindra-Comviva-connectMoney-Service-Manager-takes-Mobile-Money-to-the-Next-Level.htm
[2] MICROCAPITAL BRIEF: Econet’s EcoCash, MasterCard to Provide Debit Cards to Mobile Money Users in Zimbabwe, August 11, 2014 https://www.microcapital.org/microcapital-brief-econets-ecocash-mastercard-to-provide-debit-cards-to-mobile-money-users-in-zimbabwe/
[3] MICROCAPITAL BRIEF: Econet Wireless Accused of Monopolistic Practices Regarding Mobile Money Service, July 6, 2014,https://www.microcapital.org/microcapital-brief-econet-wireless-accused-of-monopolistic-practices-regarding-mobile-money-service/
[4] MICROCAPITAL BRIEF: CBZ Bank, Econet Wireless Partner to Offer Mobile Banking in Zimbabwe, December 20, 2012,https://www.microcapital.org/microcapital-brief-cbz-bank-econet-wireless-partner-to-offer-mobile-banking-in-zimbabwe/
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/
Similar Posts:
- MICROCAPITAL BRIEF: Mastercard, Vodafone Fiji Partner to Provide Debit Cards to Mobile Money Users
- MICROCAPITAL BRIEF: Baab Mobile Money App Combines Cryptocurrency, Traditional Financial Accounts
- MICROCAPITAL BRIEF: Diamond Trust Bank (DTB) to Offer Fintechs in Kenya Access to Mastercard Payment Cards
- MICROCAPITAL BRIEF: 24 Education Technology Startups in Kenya, Nigeria Joining Mastercard Foundation EdTech Fellowship
- MICROCAPITAL BRIEF: Lipa Later, Mastercard Partner on Buy Now / Pay Later Services in Africa
