OneMoney extends free mobile money service by three months

OneMoney, which is owned by Zimbabwe’s second largest mobile phone operator NetOne, has extended its free mobile money service by three months to the end of March.

The State-owned mobile money service is not charging any transaction fees except the 2 percent government tax.

The move is aimed at closing the wide gap between OneMoney and Ecocash, which is owned by Zimbabwe’s richest man Strive Masiyiwa.

According to the latest pubic figures, Ecocash controls 93.3 percent of the market while OneMoney only has 6 percent.

Figures for the last quarter of 2019, when OneMoney launched its free mobile money service and Ecocash experienced serious technical problems, are not yet available.

Although OneMoney controlled 6 percent of the market, Ecocash accounted for 99.7 percent of all the transactions in the market.

NetOne chief executive Lazarus Muchenje has promised to overtake Ecocash in two years.

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