Econet Wireless has just launched a new promotion to encourage its mobile money customers to save money using the recently launched EcoCash Save phone based savings account. The promotion dubbed “Waya Waya promo” is named after last year’s “EcoCash One Million Dollar, Waya-Waya Promotion“. Unlike last year’s promo though where the company basically gave out a million bucks, this time around it’s $400,000 (still a lot of money for a campaign locally by the way).
For 3 months, starting mid-December, Econet will give out $100 to 1,000 lucky EcoCash Save users who maintain a minimum balance of $5 in their mobile savings accounts. At the end of the promotion in February, Econet will give out an additional $1,000 to 100 people.
Strangely, adverts in the print press today refer to the current promotion as the “biggest CASH promotion ever”. Compared to last year’s it would seem this is not true. We however contacted a source at the company who told us the $400,000 advertised today is not the whole bag. Part of the EcoCash Save promotion is being done below the line to audiences and partners like agents. “The total value of this campaign is in the 7 figure range,” said our source.
Econet launched EcoCash Save last month in partnership with its financial institution, Steward Bank. The service allows an EcoCash user to set up the account on their phone and within seconds, be assigned a new savings account provided by the partner financial institution.
Share
Home
5 comments
I was ecolifed and still waiting for my twenty free SMS for opening a Steward Bank account….I believe I will pass this promotion
Is Econet aware of the simple fact that it is losing its credibility at a great rate?…for how long should we trust them?…Netone’s OneWallet,with the rite and proper marketing (read,e.g..free 128k sim cards replacement service and/or even with a free very basic fone thrown in to all those registering for this service),will be a great contender in this game…chiefly coz their rates are very low,they can do cross-network transactions,etc etc
I definitely saw this promotion coming. It makes very logical sense, although I was expecting that the minimum balance would be something like $1 or $2 for a period of 3 months. $5 seems a bit over the edge for the ‘mass market’ but it’s a good start. If 400,000 EcoSave account holders maintain $5 for 3 months that’s a cool $2million in deposits for Steward Bank!
Introducing……TeloneCash
I find it worrisome for a company which has over 6 million subscribers to dandle only 400 000us.My chances of winning are 0.0666. NO THANK YOU !!!