HARARE - Econet Wireless (Econet) has appointed Cuthbert Tembedza as chief executive solely for EcoCash, indicating growing confidence in the mobile money transfer business.

Tembedza, who has been with the mobile network operator for two weeks, said he had a “vision of where the brand is going.”

Launched in 2011, EcoCash now has more than 1,7 million registered users and transacts approximately $100 million monthly through agents. It is currently Zimbabwe’s largest mobile money transfer platform.

Tembedza said the timing of his engagement with the group was strategic as EcoCash was partnering banks, a move which boosts transaction volumes.

Yesterday, Econet — the country’s largest network operator — announced a new mobile banking direct partnership with Stanbic Bank (Stanbic). The partnership enables Ecocash subscribers who bank with Stanbic to move funds between their mobile money wallet and bank accounts through cellphones.

So far, three banks have been integrated into the EcoCash system.

“Users of the service can also check the bank balance and get a mini-statement all via EcoCash,” said Darlington Mandivenga Econet Services chief executive.

A transfer from the mobile wallet to a bank account is treated as an EcoCash cash out on which a two percent tariff applies.

The maximum cap is $6. Balance and mini-statement inquiries will be free of charge. - Business Writer