Zimbabwe News and Internet Radio

Econet slashes EcoCash merchant payment fees

ECONET Wireless has reduced EcoCash tariffs on all merchant payments by up to 50 percent with effect from yesterday, to reduce cost of transacting on the payment platform.

Econet chief executive officer Mr Douglas Mboweni
Econet chief executive officer Mr Douglas Mboweni

The reduction, Econet said, was aimed at making it less expensive and convenient for customers to transact using EcoCash, which had become the most used system when transacting in Zimbabwe owing to the current cash shortage.

Econet Wireless, the largest mobile telecoms company in Zimbabwe, says its mobile money service, EcoCash, has processed over $23 billion transfers over five years.

A third of this figure was transacted in the last 12 months driven by prevailing cash shortages. The mobile money transfer service has over 6,8 million mobile customers. Econet says it has over 10 million registered subscribers.

The reduction of EcoCash merchant tariffs, Econet said, would see customers being charged transaction fees as low as $0,01 for purchases starting from as little as $1.

Econet Wireless chief executive officer Mr Douglas Mboweni said: “We are inspired to transform lives of our customers through the use of technology. In view of liquidity challenges, EcoCash continues to give customers the convenience, security, as well as affordability to buy goods and services without the worry of accessing cash,” he said.

“Our vision is to see a situation where our customers can buy literally everything using EcoCash from payment of utility bills, hospital bills, purchase of groceries, fuel, school fees, and at the vendors’ markets,” Mr Mboweni added.

He said he was grateful that Zimbabwe was already moving in that transition towards a truly cashless society. The reduction of merchant fees by EcoCash comes at a time when customers are increasingly using their mobile wallets to transact through merchant payment solutions.

This increase in cashless transactions aligns with the current cash shortages in the market. General manager for EcoCash Natalie Jabangwe-Morris said, “We are ever thankful to our customers for their continued support.

Our ‘Zero Fees Thursdays’ where we were not charging our customers merchant fees ended on 30 June 2017 and the reduction of merchant fees is part of our vision to continue giving our customers value for their money,” Mrs Jabangwe said.

Econet Wireless is Zimbabwe’s biggest mobile phone network ahead of State owned NetOne, which has 5,8 million customers and Telecel Zimbabwe with 4,7 million. The Herald

  • Matsotsi aya

  • Nhaimi no data connection for social media zviri kumbofamba Seiko? Chokwadi since last week ndikangobva paWiFi no whatsapp apa mabundle ndiri kungotenga. #sadandfrustrated

  • I foresee Stewart / ecocash needing a 24 hr satellite surveillance to monitor / curb reaping off customers in services charges in the name of business by their agencies across the country.

  • Ko iwo ma 15% akubatwa aya tiwane mari edu achapera rinhiko Nehanda

  • Econet is busy stealing my bundles. Your network is poor and you also lied that you reimbursed me but it was just an sms. No bundles came. Why do.you do that?? Your agents are worse, they charge extra for cashout. I reported several times at your customer service desk but nothing happens to the agents. Why? They continue charging extra!!! I think and am going to migrate and you know to where!!!

  • Banks must do as well

  • Econet econet econet what did Econet do with the weekly Whatsapp bundles?They replaced them with shitty combination of WiFi bundles bla bla.Some of us are too busy to be going around town for Econet WiFi zones.. my 17year old nephew and his little girlfriends will enjoy that not a grown busy man like me.

  • Econet makuvhiringa vanhu manje munoita lose

  • Rumbi

    Thumbs up to Econet ndiyo inonzi taking care of its own

  • Shelli

    Call 111 or 114 guys they will assist

  • Milton

    You can also inbox the econetzimbabwe facebook page or follow them on twitter, they respond within minutes. Have never been disappointed.

    • Willard Loaded Size

      Econet ndochibaba zvee.Wow.This is awesome.Amana kusatenda huroi zvee.Team idzi dzeeconet dzirimberi.Imi hamuonewo here kuti vanhu Ava vanogona.Izvezvi pane chauchaita here chisina econet mu kati.Makungotenga zvamunoda nguva yese yese nekuda kwe Econet wireless haaaa tendaiwo vehama!!

  • Willard Loaded Size

    Econet kumberi zvazvinhu izvi amana