Econet, NetOne and Telecel integrated for mobile money transfer

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Zimbabwe Flag Against City Blurred Background At Sunrise Backlight
  • Zimbabwe mobile money active subscribers can now operate interchangeably
  • Mobile money agents will regain their businesses ( cash-in, cash-out)
  • Retailers shall revive through mobile money transfers.

The mobile money platforms interoperability for the convenience money transfer, sending and receiving money from Ecocash to OneMoney and TeleCash or vice versa this solution came as a result after the Reserve Bank of Zimbabwe resignated ZimSwitch as the national payment switch.

The Zimbabwean government has given the mobile money operators a period to be registered first to ZimSwitch by 15 August 2020, therefore it means the registered customers for EcoCash, OneMoney and Telecash now can send money to and from one another. The USSD code for Ecocash *151#, OneMoney *111# and *888# for Telecash.The integration of these three mobile money platforms has made life easier especially for the retailers as they will continue doing their businesses by sending money options.

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According to the data collected by Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) for 2020 first quarter, it reveals that the There was an overall decline in the value of cash-in and cash-out transactions. This is attributable to the cash shortages in the economy.OneMoney has gained 8% of data he market share of active mobile money subscriptions in the first quarter.

Mobile money agents are likely to regain their businesses since the three interoperability allows user to send and receive money from different mobile money wallet, for instance, OneMoney customer can send money to an EcoCash customer or Telecash customer, in that case, the EcoCash user who received money from OneMoney will visit the OneMoney agent for cash-out.

The interoperability of the mobile money platforms has come as a solution especially during this period of lockdown, people are minimizing their movements, however, for one to collect the money transferred to his wallet, he must visit the agents.

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