Ecocash to be hit by cash crisis

Econet Wireless has said it sees a decline in volumes on its mobile money transfer service, EcoCash, due to the deepening cash shortages.

“Naturally, because of the cash shortage our volumes will be affected but we can’t at this stage quantify by how much,” Econet’s Lovemore Nyatsine said in an emailed response to questions on EcoCash.

In the year to 29 February this year, EcoCash moved transactions valued at $6.6 billion dollars, which was a 20 percent increase from the prior year’s $5.5 million.

Nyatsine, however, said the cash shortage highlights the benefits of switching to mobile and card based transactions.

“EcoCash having also been affected by the cash shortage in Zimbabwe is endeavoring to ensure cash availability to its clients through the extensive agent network. However, the cash shortage highlights the benefits of switching to mobile and card based transactions,” he said.

Nyatsine said EcoCash has seen a rise in electronic payments and is now actively promoting the use of the EcoCash wallet and EcoCash cards for purchases.

According to data from telecoms industry regulator Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ), EcoCash handles 98 percent of mobile money transactions in the country, making it the largest mover of payments.

Currently, Econet’s agent base stands at 26 500. However, due to cash shortages in the economy, several agents are also failing to meet customers’ demands for cash. – The Source

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