StanChart riles depositors over Ecocash

StanChart riles depositors over Ecocash
Published: 01 February 2018 (419 Views)
STANDARD Chartered Bank has riled its depositors after taking long to integrate its system with Ecocash, to enable them to transact with others who do not have formal bank accounts.

Ecocash is Econet Wireless Zimbabwe's mobile money transfer service and dominates the local mobile transfer market.

In the last two weeks, The Herald Business has been inundated with calls from StanChart depositors who claimed to have been told off after enquiring about why it was taking long to integrate with Ecocash. "I bank with Standard Chartered but it is still not keen to allow us to move money from our accounts to Ecocash.

"Everyone knows that the country has no cash, and predictably, the bank is not giving their depositors' money with the regularity they want but the bank still does not want to integrate with EcoCash. I was told to use OneMoney (NetOne's mobile money service) but honestly, how do I do it when I don't have a NetOne's sim card?

"If I can get money into my Ecocash, then I am able to send money to relatives and even those I owe, who do not have bank accounts," said one of the disgruntled depositors.

As part of efforts to promote a cash-lite society, the Reserve Bank of Zimbabwe (RBZ) has cleared partnership arrangements between mobile payment service providers and deposit-taking financial institutions in line with the National Payment Systems Act.

Standard Chartered Bank's head of corporate affairs and brand & marketing Mrs Lillian Hapanyengwi yesterday confirmed that the bank is yet to integrate with Ecocash but is working towards that.

"We are pleased to advise that we are at an advanced stage of integrating with Ecocash.

"We recently integrated OneMoney and Telecash onto our online platform. Standard Chartered Bank currently does not have a product of swiping into any mobile wallet but our clients will be able to transact on mobile or online with OneMoney and/or Telecash.

"We are always evaluating how we should reformat our current channels to deliver the most efficient service to our clients," said Mrs Hapanyengwi.

StanChart and four other banks had previously declined to integrate their services with Ecocash under unclear circumstances.

However, when Econet launched the 'Swipe into EcoCash' service on October 25 last year, customers of all banks were expected to enjoy the facility.

Ecocash general manager Natalie Jabangwe Morris said all ZimSwitch enabled cards could access the facility at selected merchants, agents and customers.

Customers can swipe up to $2 000 per transaction. But StanChart is still dithering under unclear circumstances.

An estimated 6,8 million customers are active on the EcoCash platform as it remains the largest mobile money service provider, driving almost 90 percent of mobile money transactions in the country.

Statistics from the Reserve Bank of Zimbabwe show that mobile money transactions rose to $11 billion between January and September last year from $6,79 billion in the same period last year driven by cash shortages haunting the economy.

- the herald

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Morgan Tsvangirai and the making of a national hero

by Tafi Mhaka | 16 February 2018 | 313 Views

Tsvangirai the legacy

by Daniel Itai | 16 February 2018 | 285 Views

Zuma's demise

by Daniel Itai | 16 February 2018 | 333 Views

Tsvangirai supporters organise red Saturday in honour of him

by Stephen Jakes | 16 February 2018 | 575 Views

Tsvangirai burial set for Buhera

by Staff reporter | 16 February 2018 | 342 Views

Tsvangirai Funeral Update: Khupe deployed to SA

by Nelson Chamisa | 16 February 2018 | 404 Views

Khupe apologises

by Dr Thokozani Khupe | 16 February 2018 | 1000 Views

Mnangagwa, army commanders tensions grow

by Staff reporter | 16 February 2018 | 451 Views

Tsvangirai's death, political phonies and crocodile tears

by Staff reporter | 16 February 2018 | 204 Views

The hypocrisy of Zanu-PF is utterly suffocating

by Brezhnev Malaba | 16 February 2018 | 180 Views

Zimbabwe to mortgage minerals for capital

by Staff reporter | 16 February 2018 | 142 Views

Tsvangirai's death fuels MDC-T turmoil

by Staff reporter | 16 February 2018 | 172 Views

Gukurahundi victims want their voices heard

by Nqobani Ndlovu in Maphisa | 16 February 2018 | 124 Views

Mudede sued over dual citizenship

by Staff reporter | 16 February 2018 | 236 Views

Mnangagwa, Mugabe fallout - Mugabe security further reduced

by Staff reporter | 16 February 2018 | 573 Views

MDC UK & Ireland Youth Statement on the death of Morgan Tsvangirai

by Vusumuzi B Ncube | 16 February 2018 | 207 Views

Momentary celebrity cannot erase Zimbabweans' common sense

by Brian T Kagoro | 16 February 2018 | 196 Views

How to avoid flawed elections in Zimbabwe

by Ibbo Mandaza & Tony Reeler | 16 February 2018 | 196 Views

Chivayo braces for bruising wrangle

by Business Weekly | 16 February 2018 | 220 Views

Obert Mpofu cleared, he is not corrupt

by Business Weekly | 16 February 2018 | 319 Views

Mnangagwa urged to repeal laws that hinder free polls

by Staff reporter | 16 February 2018 | 154 Views

Cheating wife agony

by Staff reporter | 16 February 2018 | 356 Views

Man dumped for preying on maids

by Staff reporter | 16 February 2018 | 248 Views

Sangoma 'steals' wife

by Staff reporter | 16 February 2018 | 182 Views

Highlanders in no rush to spend

by Staff reporter | 16 February 2018 | 134 Views

Bees sting woman to death

by Staff reporter | 16 February 2018 | 143 Views

Busted while servicing pal's hubby

by Staff reporter | 16 February 2018 | 318 Views

Tsvangirai was courage personified

by Conway Nkumbuzo Tutani | 16 February 2018 | 126 Views

Woman runs amok in house fight

by Staff reporter | 16 February 2018 | 137 Views

Student savagely attacked by lover's wife, hired hit men

by Staff reporter | 16 February 2018 | 115 Views

Jilted cop 'impounds' ex-wife's panties

by Staff reporter | 16 February 2018 | 104 Views

Drama as hubby busts wife, lover

by Staff reporter | 16 February 2018 | 200 Views

Desperate fuel thieves arrested

by Staff reporter | 16 February 2018 | 95 Views

Dembare, CAPS match moved

by Staff reporter | 16 February 2018 | 145 Views

Zanu-PF MP sued over child upkeep

by Staff reporter | 16 February 2018 | 91 Views

Blow for Zacc

by Staff reporter | 16 February 2018 | 119 Views