Between December 2012 and February this year, Econet announced in quick succession, the integration of its EcoCash mobile money transfer service to traditional banks, allowing EcoCash users to transfer money seamlessly between their bank accounts and EcoCash Wallets. It was CBZ, TN Bank, Stanbic, Agribank then ZB Bank.
All the while, the company was making it known that they were open for integration to any bank in Zimbabwe. That, and some gentle pressure on the banks to integrate or face the consequences. Econet also said in a release then that by the end of March they expected every bank that “wanted to be integrated” to be hooked to the EcoCash platform.
End of March came and no integration announcements were made. Because there were none to make. In fact end of April came and now the end of May has. No bank “wants to be integrated” apparently. At least probably not on the proposed terms. Out of the 20 plus banks in Zimbabwe (building societies too) only five banks have integrated. Four, if we don’t count TN Bank which clearly didn’t need any convincing.
So the gentle threats are turning into action. Econet is going after the bankers’ customers like they promised they would back in February. An EcoCash advert in the local newspapers this week which is directed at bank customers says it succinctly: “Move over to banks that are connected to EcoCash“. There, the ad says, Zimbabweans will enjoy real mobile convenience.
11 comments
Not illegal, quite ethical but very aggressive in the business sense.
I would only say ditch whomever does not add convenience to you. Not sure of the actual impact of the ditching campaign but am sure it will be felt. If EcoCash worked with existing internet banks to make the account opening process less hectic, those left out will have some pain coming their way.
Walala wasala. The banks are good at making noise about this EcoCash thing vachitinyepera kuti Econet is refusing to work with them, zvenhando. Who are the banks fooling, would Econet really advertise for integration if they were not open for access. Mabank akatanga kutiita mabharanzi kare. My worker just came from FBC this morning akanzi haakwanise kuvhura bank account… Ndatomutengera Bank Rake (Kamwe kafoni ke $15 pa Econet shop apo) rekubhenga arere hake, arimu Garden, achidhakwa, arimuruzevha, pasi pemuti, mubako, nesvondo achibhadhara tithing, achitambira ka $250 kandinomupa, achitenga, achibhadhara kombi, aakutokwenyawo EcoCash iyoyo. But sometimes network yacho mhani sometimes, but zvichanaka chete!
plz stop coming here to defend your employer econet. u seem to be changing names and commenting always in favor of ecocash
I recently stopped banking with MBCA Bank (a bank that I liked) because of having to always drive to town from home or work to access my money. I opened an account with a bank that is connected to EcoCash and I can’t believe how much easier life is. I just moved money from my bank account 10 minutes ago to my EcoCash wallet and am about to send my landlord rent money! When I asked my MBCA Bank manager when they were going to connect to EcoCash she was never able to give me an answer. I wasn’t prepared to wait.
bhawawa 5/20+…. believe it or not!! they should have integrated first with Zimswitch Shared Services (ZSS) which has 19 banks currently connected to ZimSwitch for POS and ATM interbank transactions, Zimswitch Shared Services (ZSS) has signed 13 banks so far!
who should have integrated with Zimswitch? Is ecocash saying they are worried about zimswitch? me thinks if they integrate with zimswitch, there is bound to be some percentage going to zimswitch, making the service more expensive to us. i await ecocash to be integrated with online payment systems as virtually there is nothing of this sort in zimbabwe (at least for the masses). vpayment should do something more inclusive now if they do not want this space to be taken over by ecocash.
Maybe Econet needs to sort out their mobile network so that we do not look away from them in the first place. They seem to have forgotten what their core business was and maybe it is time they are reminded of their shoody cell phone network. NEW LOGO FOR ECONET. ” KEEPING YOU OUT OF TOUCH”. Let them advertise this
we have THAT many banks here? not too many?
Next stop cbz for my first acc
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You have been lost in the vicinity, and the good luck is that your kinsmen are around. You have been loved (warned) and, I beseech you to embrace their words. You must learn to respect other people’s heritage, and stop bragging about mafufu echingwa. Find solutions and avoid rude means to problem solving because you are already turning into a big big problem. Your pride will destroy you.