Econet launches EcoCash Ta!

HARARE - Zimbabwe's largest mobile telecommunication company by investment and subscriber base Econet Wireless has launched tap and go payment system called EcoCash Ta! that will enable customers to buy from vendors and informal merchants without using cash.

The product is the first of its kind in Zimbabwe and is part of EcoCash’s strategy to promote a cashless society in Zimbabwe where people do not have to carry cash to purchase goods.

“It is also a safer and convenient option for many vendors who have to carry cash with them, which increases risk of theft. EcoCash Ta! will benefit vendors selling airtime, fruits and vegetables, potentially opening a new avenue for employment creation in a country where many people are surviving on informal trading,” said Econet chief executive Douglas Mboweni.

Mboweni noted that more than 500 vendors, merchants and agencies had already signed for EcoCash Ta! in Harare alone, and Econet planned to launch it in other parts of the country over the next few weeks.

“Our plan to revolutionise the way vendors and merchants receive payment for their goods by introducing a safe and convenient payment method that makes life easier for them and their customers as none has to carry cash on them,” said he said.

The Econet boss said EcoCash Ta! is not only for vendors, as even retailers such as supermarket chains and butcheries can sign up for EcoCash Ta!

“Ecocash Ta! uses technology called Near Field Communication which enables our clients to tap their cellphone against a merchant or vendor’s enabled micro point-of-sale device and the value of the transaction will be automatically deducted from the client’s EcoCash account. No PIN is required when paying for purchases of up to $3, and any transaction above $3 requires a PIN up to a daily limit of $1000,” he added.

This comes as Econet’s mobile platform payment system, Ecocash, which was launched in September 2011, has cumulatively transacted over $11 billion in the last three-and-half years.

Econet head business and marketing development Natalie Jabangwe recently said the diversified group has propped up financial inclusion in the economy, incorporating the previously unbanked population.

“In more than three-and-half years, we have cumulatively moved $11 billion in this economy,” she said adding that at least 450 million transactions were conducted on the platform with agencies now in excess of 20 000 countrywide.

Jabangwe noted that before EcoCash, the majority of Zimbabweans were not banked and were excluded from the financial services sector of the economy.

“EcoCash, since its inception, has helped to improve financial inclusion as over 60 percent of Zimbabwe’s adult population, which previously had no access to banking services, had access to the mobile money platform,” she said.

Jabangwe added that at present the banking sector has in excess of 1,3 million accounts while EcoCash wallets are now at 4,5 million.

In a bid to influence the saving culture in the economy, EcoCash Save platform currently has 1,5 million accounts.

The EcoCash platform has been designed to now offer the debit card, payroll, bill payment services, EcoCash online and an airtime facility.

Econet has over the years introduced new innovations aimed at diversifying revenue streams which include the EcoShopper, EcoFarmer, EcoSure among many others.

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.