EcoCash, a Zimbabwe-based mobile payment platform and MTN MoMo have partnered to provide seamless direct money transfers between Zimbabwe and South Africa.
The collaboration offers a dependable, effective, and reasonably priced method of transferring funds straight into EcoCash electronic wallets by combining the power of MTN and its well-known MoMo app with the wide reach of EcoCash, run by Econet Wireless.
“For thousands of Zimbabweans living and working in South Africa, sharing the cash fruits of their labour with loved ones at home is now easier than ever, thanks to the recently forged partnership between MTN MoMo and EcoCash, Zimbabwe’s largest mobile money service,” MTN South Africa stated on its LinkedIn platform on Wednesday.
Read also: MTN purchases more shares in MoMo PSP to strengthen financial inclusion
About EcoCash
EcoCash is a mobile phone-based microfinance, financing, and money transfer business that Econet Wireless introduced in 2011 for its clients in Zimbabwe.
The company’s main office is located in the EcoCash Holdings headquarters on Liberation Legacy Road in Borrowdale, which is a suburb of Harare, Zimbabwe’s capital and largest city.
Services offered by EcoCash
Econet users can use a mobile device to deposit, withdraw, transfer, and pay for goods and services, including utility bills.
Additionally, users can purchase pre-paid airtime or data bundles for other people or themselves. Users can exchange their mobile money for cash as well. The mobile phone’s account, which may be accessed with a PIN, is directly charged for each service.
Customers can buy airtime, pay for water, energy, cable, satellite, and school fees, deposit and withdraw funds, send money to other users, and move funds between the service and a traditional bank account.
EcoCash offers international remittance services in collaboration with prominent international remittance partners, including PayPal and MoneyGram.
6.7 million people were registered with EcoCash as of November 2017, compared to 2 million people with traditional bank accounts nationwide. During that period, it held 99.8 percent of Zimbabwe’s mobile money market. The service processed more than $23 billion in its first six years of operation when Zimbabwe’s GDP was about US$22 billion.
Read also: MTNMoMo partners PostBank Uganda to introduce ‘XtraCash’ to provide loans for subscribers
More about MTN MoMo
MTN MoMo (Mobile Money) is a secure electronic financial service offered by MTN, a prominent telecommunications firm that lets customers send and receive money, save money, make payments, and perform a variety of other tasks, all using their mobile device. It’s quick, easy, practical, and reasonably priced.
MTN also offers this service in other African nations in collaboration with more than 10 banks. A safe electronic account connected to an MTN mobile phone number is where money is kept in MTN Mobile Money.
MTN MoMo wallet is linked to the user’s MTN mobile number where funds are kept in a secure electronic account. It offers the same service as EcoCash.