Econet to launch Eco Cash mobile money

Mobile operator Econet Wireless says it plans to launch its mobile money platform Eco-Cash at the end of September 2011.

Strive Masiyiwa, Econet Founder (image source: file photo)

The system will allow its over 5 million subscribers to make payments of less than $20 using their mobile phones.

“With critical shortage of US dollar notes, the Econet system will completely eliminate the need for any notes for purchases below $20,” an Econet spokesman said.

Econet said it had not spared any cost in building the system, and has entered into partnership with key retailers, banks, and dealers nationwide.

By the end of this month, Econet is expected to announce that it has crossed 6 million customers, which means that almost half the population has an Econet line.
This virtually guarantees the success for a service like this, because it has economy of scale, the spokesman said.

“It is a massive system, and will completely transform the way Zimbabweans buy and sell goods,” he said.

Many businesses that sell small goods, like supermarkets and even newspaper vendors, can expect a dramatic increase in business because people will have the ability to make purchases, easily.

“Construction of the whole system is now complete and the company is now ready to go,” said the spokesman.

“It is currently being tested with key customers on a pilot phase, and will go live to over 5 million Econet customers by the end of this month.”

Staff Writer