You can now send money between Ecocash, One Money and Telecash as the Reserve Bank of Zimbabwe has made it possible. The central bank has published a piece of legislation that compels Econet backed Ecocash to allow users to send money to One Money and other Mobile Money Transfer services.
Part of the legislation read,
(1) It shall be mandatory for every money transmission provider and mobile banking provider shall be connected to a national payment switch, as shall be directed by written notice by the Reserve Bank from time to time that enables interoperability of payments systems and services.
(2) For purposes of connecting to the national payment switch in terms of subsection
(1) every money transmission provider and mobile banking provider shall install, deploy or commission such infrastructure and connection protocols, credentials and documentation necessary to enable integration with any recognised payment system in terms of the National Payment System Act [Chapter 24:23].
(3) Every money transmission provider and mobile banking provider shall open and maintain a bank account that is designated exclusively for mobile banking services.
Users have been requesting to send money between Ecocash One money Telecash.
The news comes as a relief to struggling parastatal Netone service One Money as it was failing to catch up with Ecocash. Econet previously resisted interoperability of payments systems and services arguing they spend millions of dollars investing in their system and service. Econet deemed it unfair to connect Ecocash to One Money or Telecash.
Econet also resisted infrastructure sharing with other mobile operators such as Netone and Telecel arguing they forewent dividend payments to invest in their systems and hence they should enjoy and advantage. At some point Econet disconnected Telecel and Netone calls as they were owed interconnection fees.
Ecocash is Zimbabwe’s largest mobile money operator followed by Netone’s One Money. Telecash has been struggling due to the challenges faced by Telecel. Neither Ecocash, One Money nor Telecash has responded to the news.
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