TeleCash subscribers reach 600 000

HARARE - Telecel Zimbabwe (Telecel) says its mobile money transfer platform TeleCash has reached 600 000 subscribers since inception in January.

Nkosinathi Ncube, the group’s mobile financial services director, said over $15 million has been transacted on the platform.

“The uptake of TeleCash is in line with our target of 1,2 million subscribers by year end.

“The acceptance is very good that is why within four months since the launch we already had 3 600 agents,” he told Parliament’s communication portfolio committee.

“Our target market is the…mobile money services,” he said.

Ncube, however, noted that the 15 percent value added tax, VAT coupled with the five cents levy on mobile money transfers imposed at the beginning of the year by government was affecting affordability of the service. Meanwhile, the group — Zimbabwe’s second largest wireless network operator — said it plans to invest over $200 million towards network expansion, and it is pushing for legislation that compels mobile network operators to share infrastructure.

Its general manager Angeline Vere said they were negotiatiing with financiers and vendors for the provision of funds and capital equipment.

“We are in discussion with banks and we are looking at a further immediate investment of about $200 million and this should take us to the five million subscriber network (capacity),” she said.

She said Telecel’s switching capacity is five million subscribers.

“We are also anticipating that our active subscriber base should be at about 3,3 million,” she said.

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perepete - 3 July 2014

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