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
Related stories:
UK says bond notes could be damaging to confidence in Zimbabwe economy
Multi-currency system is dead says RBZ
Zimbabwean company says “bond notes” are adding to uncertainty
Chinamasa says Zimbabwe will not be a “fishing pond” for US dollars
Zimbabwe hires German firm to print bond notes
Zimbabwe’s bumpy, costly road to a cashless future
The government’s hidden hand in Zimbabwe’s cash crisis
Chinotimba says give people bond coins if they do not like bond notes
Chinamasa tells Parliament that bond notes are above board
Zimbabwe says it needs bond notes because “we are feeding looters”
Zimbabwe scraps plans to convert export earnings into rand, euro
Tsvangirai calls emergency national executive meeting Thursday to decide way forward on bond notes
It’s a stimulus package- Mangudya says
Tsvangirai to convene his cabinet tomorrow to discuss proposed bond notes
Bond notes -a legal perspective
Zimbabwe stems illicit outflows
Cash shortages – the real causes and the wrong diagnosis
New bond notes-key questions answered
Mangudya full statement on the introduction of bond notes
Highlights of RBZ intervention on cash shortages
MDC says Mugabe is bringing back Zimbabwe dollar through the back door
Zimbabwe to introduce bond notes as cash shortages bite
(237 VIEWS)
This post was last modified on %s = human-readable time difference 7:40 am
Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…
The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…
Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…
Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…
Nearly 80% of Zimbabweans are against the extension of the president’s term in office, according…
The government is the biggest loser when there is a discrepancy between the official exchange…