Mobile money transfer poised for growth

the first choice in sending and receiving money.
Eco-Cash is a money transfer service that allows one to send or receive money when in Zimbabwe.
It is the first service in Zimbabwe that allows the transfer of money, from one mobile to another mobile network, a development widely appreciated in all corners of this southern African nation.
Econet chief executive officer Mr Douglas Mboweni said his mobile network operator would continue to search for solutions that always make life easier.
“This is how fast Econet has and is growing technlogically. We are never satisfied with our developments, we look at ways of continuously improving and keeping up with international trends.
“A few years ago, we would not have imagined it possible, that we would be where were are today. As CEO I am excited to see the company entering this new dynamic chapter in our history,” said Mr Mboweni.
It is a service that is so secure, where one does not have to worry about the safety of money.
Mobile Money Transfer is not new to Africa.
The service was first introduced in Kenya in 2007 under MPESA.
The product today claims over eight million users in Kenya while in Zimbabwe only slightly above million people are believed to be using the latest cellphone banking.
Studies say that more than 10 percent of Kenya’s GDP now passes through the mobile banking service.
By 2015, the value of mobile money transfer will reach over US$200 billion, almost 8 percent of Africa’s GDP.
As money moves more easily across the country, the benefits to local businesses and the economy at large will grow.
To the millions Zimbabweans with no access to banking services, Eco-Cash brings the convenience of banking, via mobile technology.
Banks are not available across the country, a development that has seen people travel long distance to get to the nearest branch or ATM cash point to withdraw money. Sending money was also expensive and unrealiable. Even for some existing money transfer services, transactions takes at least 24 hours. — CAJ News.