Telecel launches mobile money transfer service

HARARE - Telecel Zimbabwe Private Limited (Telecel) has launched a mobile money transfer platform, Telecash.

The service, which has been integrated with ZimSwitch to enable connection with banks, allows subscribers to transact across all networks.

“Telecash in particular offers banking services to people with no previous access to banking and financial services, especially those in the remote areas,” Nkosinathi Ncube,  Telecel’s mobile financial services director, said.

While the mobile operator firmly believes the product’s competitive advantage lies with cheaper tariffs and its inter-operability, the core technology was also developed by an Indian technology partner, officials said yesterday.

Subscribers can also transfer money into any bank account held by a financial institution on ZimSwitch, using the platform’s instant payment interchange technology facility.

With 15 banks on the ZimSwitch platform, market watchers say Telecash will have a wider transacting base.

Ncube noted that funds can be transferred from major international destinations directly into a Telecash account, adding the service also had a bulk payment facility that allows corporates to make bulk payments, including salaries.

“The same facility also allows banks to make loan disbursements directly into a borrower’s account. The borrower can make loan repayments through Telecash as well,” he said.

Comments (3)

Keep it up Telecel. Many have been hard hit by Econet's high tariffs. Econet had deliberately segmented ''Registered'' and ''Unregistered'' Ecocash customer to capitalise on this gap. We welcome you on board at least you will save the masses.

telecashier - 30 January 2014

How strategic. Ecocash is clearly in trouble due to its bad relations with other banks who deliberately denied it access to ZimSwitch who conglomarately owned by local banks with Steward excluded.Now that Telecel now has access to it,Ecocash could be blown in the face.Telecel has simply ceased the opportunity of partnering the previously denied access to mobile networks banks. So basically its goin to be Steward Bank against the whole banking industry. This is an Exciting one!!

Marley - 31 January 2014

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