Telecel invests $3,3m in TeleCash

HARARE - Telecel Zimbabwe (Zimbabwe) says it has invested at least $3,3 million in its mobile money service, Telecash, since inception in January this year.

The telecoms firm — Zimbabwe’s second largest wireless network operator — said $2 million was spent on setting up the TeleCash platform.

“We have invested, to date, a further $1, 3 million into advertising, marketing and capacitation of distribution channels and agent training,” Telecel’s branding and communications director Obert Mandimika told Business Live.

He said the group targeted to register 1,2 million TeleCash subscribers and transact at least $100 million on the platform by year end.

So far, TeleCash has 600 000 subscribers and has transacted over $17 million.

This comes as Telecel on Wednesday launched a debit card linked to TeleCash.

The card, TeleCash Gold, is aimed at enhancing transacting convenience and broaden financial inclusion.

It allows TeleCash subscribers to transact at over 5 000 ZimSwitch point of sale (POS) terminals and withdraw cash from automated teller machines.

Nkosinathi Ncube, Telecel’s mobile financial services director, said the card was an outcome of wide consultations with banks and retailers.

“Telecash is here to address two aspects. The first one is we want to broaden financial inclusion. We want to improve access and transacting of the public... We want people to also access their funds not only from an agent, but from banks connected to ZimSwitch,” he said.

Ncube added that in the long run, the card, which can be used to pay bills, will be integrated with international payment platforms such as VISA and Mastercard.

“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 since the launch we already have 3 600 agents,” he said.

Telecash has primarily partnered with the country’s largest commercial bank in terms of deposits, CBZ Bank to introduce the service — with other financial institutions included through the ZimSwitch platform.

Post a comment

Readers are kindly requested to refrain from using abusive, vulgar, racist, tribalistic, sexist, discriminatory and hurtful language when posting their comments on the Daily News website.
Those who transgress this civilised etiquette will be barred from contributing to our online discussions.
- Editor

Your email address will not be shared.