StanChart riles depositors over Ecocash

StanChart riles depositors over Ecocash
Published: 01 February 2018 (709 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

UK Zimbabweans die of HIV after being fooled by faith healers

by Dr Masimba Mavaza | 19 August 2018 | 179 Views

Why Judge Chigumba should resign ahead of ConCourt ruling

by Don Chigumba | 19 August 2018 | 186 Views

Dr Nkosana Moyo saddened by the death of Kofi Annan

by Simbarashe Sithole | 19 August 2018 | 92 Views

Police blocks prayer meeting in Harare

by Stephen Jakes | 19 August 2018 | 131 Views

ZEC has proven that 10 + 4 = 40

by Ryton Dzimiri | 19 August 2018 | 89 Views

Zec gaffe draws brickbats

by Staff reporter | 19 August 2018 | 125 Views

Anxiety grips Zimbabwe ahead of presidential poll hearing

by Staff reporter | 19 August 2018 | 87 Views

Churches pray for Con-Court impartiality

by Staff reporter | 19 August 2018 | 73 Views

Mangoma backs Chamisa

by Staff reporter | 19 August 2018 | 88 Views

'Moyo's caretaker commissions illegal'

by Staff reporter | 19 August 2018 | 90 Views

Chamisa ropes in Mandela's lawyer

by Staff reporter | 19 August 2018 | 102 Views

Mnangagwa thrown under the bus?

by Staff reporter | 19 August 2018 | 136 Views

Violence returns

by Staff reporter | 19 August 2018 | 95 Views

Why I am backing Chamisa over Mnangagwa

by Staff reporter | 19 August 2018 | 104 Views

Mnangagwa hits back at Mugabe

by Staff reporter | 19 August 2018 | 86 Views

Chamisa's 'rigging evidence'

by Staff reporter | 19 August 2018 | 94 Views

Why Chamisa beat Mnangagwa in his own backyard

by Staff reporter | 19 August 2018 | 79 Views

WATCH: Grace Mugabe takes the mic at 'Blue Roof'

by Staff reporter | 19 August 2018 | 86 Views

Mliswa calls for unity

by Staff reporter | 19 August 2018 | 50 Views

'Thokozile Mathuthu led call for women's quota'

by Staff reporter | 19 August 2018 | 103 Views

Chamisa hooks a 'fishy' Kenyan expert

by Staff reporter | 19 August 2018 | 206 Views

Shady NGO caught offside on violence

by Staff reporter | 19 August 2018 | 121 Views

GNU is not good for both Zanu-PF and MDC-Alliance

by Bishop | 19 August 2018 | 125 Views

Students win a trip to France

by Staff reporter | 19 August 2018 | 77 Views

National Railways on the mend

by Staff reporter | 19 August 2018 | 78 Views

Sadc demands end to sanctions on Zimbabwe

by Staff reporter | 19 August 2018 | 63 Views

Harare in graveyard space headache

by Staff reporter | 19 August 2018 | 69 Views

SADC edges to visa-free regime

by Staff reporter | 19 August 2018 | 71 Views

How the mighty have fallen, Bosso held by Nichrut

by Staff reporter | 19 August 2018 | 88 Views

MDC-Alliance files answering affidavits

by Staff reporter | 19 August 2018 | 77 Views

USAid funds abusers push for Zimbabwe GNU

by Staff reporter | 19 August 2018 | 81 Views

Chamisa's Komichi granted bail

by Staff reporter | 19 August 2018 | 75 Views

Decolonising Political Philosophy in Africa

by Cetshwayo Mabhena | 19 August 2018 | 71 Views

Psychological evaluation for 'car thief'

by Staff reporter | 19 August 2018 | 69 Views