The innovation, also the first of its kind in Zimbabwe, means that an Econet customer can use EcoCash or the EcoCash App to borrow airtime in denominations from 30c to 75c depending on a customer’s historical usage.
Explaining the service, Natalie Jabangwe General Manager, EcoCash said given the recent cash shortages being faced in Zimbabwe, this service makes it possible for EcoCash airtime subscribers to quickly purchase airtime in the case of an emergency. Repayments can always be made from EcoCash airtime purchases. Customers will be required to have an active line for three months and a minimum airtime balance of 5c at the time they want to borrow airtime. However, she stressed that an EcoCash balance at the time a customer wants to borrow airtime is not a requirement to benefit from this service. “All credit airtime advanced attracts 10% service fee which is payable within seven days, on next airtime recharge,” she said.
Douglas Mboweni, the CEO of Econet Wireless, said the airtime credit service has been introduced to assist its customers who may sometimes be in urgent need of airtime to make calls. “Understanding our customer behaviour and meeting their needs allows us to introduce trust-based services that deliver value and unparalleled convenience,” said Mr Mboweni.
He said the Airtime Credit Service on EcoCash provides a one-stop shop for all mobile money services Ecocash, EcoSure insurance, EcoCash loans and now EcoCash airtime credit service, amongst others. Ecocash channels provide greater and improved customer experience and convenience.
EcoCash was launched on September 29, 2011 and has since then witnessed unprecedented growth of the facility since its inception. On its launch, the platform was essentially a mobile money transfer facility but there were plans shelved for the future meant to integrate the facility with with services like DSTV, open up the platform to work with other banks other than Steward Bank.
Since the launch of the product, it is estimated that the platform has handled over US$4,5 billion with over 170 million transactions processed
Techunzipped