TeleCash offers lower fees than EcoCash; transactions over OneWallet increase

31 Jan 2014

Telecel Zimbabwe chief commercial officer Ashraf El Guindy, has introduced the company’s new mobile money service, dubbed ‘TeleCash’, at a press conference at Telecel’s head office, local news agency TechZim reports. The new money transfer service was launched in cooperation with Obopay, and according to the executive, it is ‘the first [mobile banking service] to connect with ZimSwitch and thus with all banks on the platform.’

As previously reported by TeleGeography’s CommsUpdate, the service was initially scheduled to launch in the fourth quarter of 2013, but faced delays due to the need for a ‘full integration to a number of banks’. Further, the new service will offer lower tariffs than rival Econet’s mobile money service for transactions above USD1.99, with TeleCash providing transaction fees which are said to be 7%-50% cheaper than its rival. EcoCash, however, does not charge any fees on transactions worth less than USD1.99, while TeleCash charges USD0.07 (unregistered subscribers) and USD0.08 (registered users).

Meanwhile, state-owned mobile operator NetOne’s mobile money service, OneWallet, has reportedly experienced a substantial increase in transaction volume since its re-launch in November 2013, TechZim reports. According to the article, NetOne CEO Reward Kangai said: ‘There has been a huge OneWallet surge from the time it was re-launched in November last year. We saw a huge number of people registering for OneWallet. The volumes of transactions also increased exponentially with significant amounts. At the close of last year, the volume of transactions had gone up by 2,000%.’