Although there are technically three mobile money operators in Zimbabwe: Ecocash, Onemoney and Telecash; the truth is quite obvious to everyone. Econet’s Ecocash enjoys a near monopoly as it controls 98% of the mobile money market. As a result Ecocash has become an indispensable part of Zimbabwe’s payment options.
Standard Chartered Zimabwe finally joins Ecocash
I have had a Standard Chartered Account for almost a decade. I have always loved the bank with it’s ability to accept international wire transfers, the simple and slick online banking, their dedicated customer support and how they quickly adapt to changes and technology.
What I did not like was the fact that they have were not integrating with Ecocash. The matter is not helped by the fact that the bank does not receive ZIPIT transactions. The result was a pain. When people wanted to send you money they had to use RTGS, when you wanted to send money you had to use ZIPIT. That or find an agent that does swipe in, which is not as easy as you would think.
Many agents do not swipe in
Like all things Econet the whole swipe in option was quickly announced but most agents did not even know about it. The only places you could swipe in without a problem were places like Econet Joina. A lot of Econet shops pretended the service did not exist as they are too busy selling cash at a premium to care about the pittance they would get from swiping in.
When will Ecocash Start working with StanChart
Since Ecocash now works with all numbers even those from Netone and Telecel everyone who has registered for mobile banking will automatically be registered for Ecocash banking. Those who want to opt out must call the provided number by 19 March. Presumably the service will go live on this day.