The EcoCash team has a two-pronged value proposition for the introduction of South Africa’s RAND currency into its mobile money system. The first phase of its introduction includes:
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Cash-Ins
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Cash Outs
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Sending Money
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Wallet Services (Balance Enquiries and Mini- Statements)
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Merchants, Bill payments, Payroll (you could start getting paid in rands!?) and Bulk Payments
EcoCash expects its new Rand wallet system to expand over time as more users take up the new system and plan to offer more services through its second phase which includes offering customers:
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Rand Remittance services
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Airtime
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Banking Services
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Card Services
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Payment of online bills (DSTV, ZESA etc in RANDS)
The first phase is already in effect, users can enable the RAND wallet on their EcoCash right now, the second phase may come in the next 6 months as we can imagine there would be quite a lot of legal workarounds and system integrations needed to be done to get the services up and running.
Although the first phase has caught many of its customer’s attention, we think the second phase will be more exciting as it adds more value added services to the new Rand wallet system.
Of interest would be whether the RAND payroll system already in effect means that people could start receiving their salaries in Rands? We know of quite a few companies that use EcoCash payroll for salaries and if their operations are South African based this could come as a relief to both the employers and workers as USD becomes scarce in the Zimbabwean Economy.
The RBZ is fully aware of EcoCash new system and has approved it as part of its drive for 90% Financial inclusion by 2020, the RBZ were in attendance at the event offering their full support to the new initiative. Below you can find passages of the RBZ statement at the unveiling this morning:
Payment systems are pivotal in any economy given their role to facilitate the intermediation process which is key to achieve financial stability. To this end, the Central Bank will continue to ensure that payment systems are operated safely, efficiently and soundly with effective consumer protection mechanisms.
As you might be aware, the National Financial inclusion strategy (NFIS) launched in March 2016 is anchored on four pillars, namely financial innovation, financial capability, financial consumer protection and microfinance
The launch of Ecocash Rand Wallet will therefore go a long way in our efforts to achieve the overarching financial inclusion goal in the country where by 2020 we should reach 90% financial inclusion rate
- Techzim