StanChart riles depositors over Ecocash

StanChart riles depositors over Ecocash
Published: 01 February 2018 (863 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

Christianity and the Curse of the Papa Generation

by Robert Sigauke | 16 February 2019 | 85 Views

Tribute to 'Save' the late Dr Morgan Richard Tsvangirai

by Leonard Koni | 16 February 2019 | 77 Views

Zimbabwe shelves plans to join Africa Continental Free Trade Area

by newzimbabwe | 16 February 2019 | 92 Views

Jacob Mudenda caught offside

by Kucaca Phulu | 16 February 2019 | 85 Views

Charles Mungoshi dies

by Staff reporter | 16 February 2019 | 73 Views

Zimbabwe sanctions made in MDC-Alliance

by Staff reporter | 16 February 2019 | 74 Views

Mnangagwa for Mwenezi 'Thank You' rally

by Staff reporter | 16 February 2019 | 69 Views

Foreigners, NGOs outed on demos

by Staff reporter | 16 February 2019 | 70 Views

GNU with Tsvangirai talk is Chamisa's imagination, says Zanu-PF

by Staff reporter | 16 February 2019 | 72 Views

Man for wearing army uniform

by Staff rpeorter | 16 February 2019 | 73 Views

'Dead' protester Kaitano jailed

by Staff reporter | 16 February 2019 | 70 Views

US told to stop lecturing Zimbabwe

by Staff reporter | 16 February 2019 | 63 Views

Swine Fever outbreak hits Zimbabwe

by STaff reporter | 16 February 2019 | 48 Views

'Mnangagwa invite a step in right direction'

by Tendai Mugabe | 16 February 2019 | 68 Views

Magistrate fired

by Staff reporter | 16 February 2019 | 65 Views

MDC councillor still holed up in SA in the wake of army crackdown

by Staff reporter | 16 February 2019 | 71 Views

Man beats up police officers, throws plate of sadza at them

by Staff reporter | 16 February 2019 | 72 Views

BCC ordered to stop mining activities

by Staff reporter | 16 February 2019 | 68 Views

Zifa to bring Warriors games to BF

by Staff reporter | 16 February 2019 | 66 Views

Zanu-PF slams US big brother mentality

by Staff reporter | 16 February 2019 | 68 Views

'Expelled' FOG members take founder to court

by Staff reporter | 16 February 2019 | 41 Views

Granny killer sentenced to death

by Staff reporter | 16 February 2019 | 33 Views

Jonathan Moyo lawsuit crumbles

by Staff reporter | 16 February 2019 | 37 Views

Salad cream intercepted at border

by Staff reporter | 16 February 2019 | 40 Views

Perm sec's wife arrested at Supa's trial

by Staff reporter | 16 February 2019 | 33 Views

MDC Alliance senator for Hwange acquitted

by Staff reporter | 16 February 2019 | 27 Views

Mnangagwa ducks CEO Africa roundtable

by Staff reporter | 16 February 2019 | 31 Views

Beitbridge refuse collection worker crushed by truck

by Staff reporter | 16 February 2019 | 31 Views

Mugabe's top cop sued over $167,000 electricity debt

by Staff reporter | 16 February 2019 | 35 Views

Zimbabwe moots stop and search roadblocks

by Staff reporter | 16 February 2019 | 34 Views

Thomas Mapfumo claims $1,2 million defamation damages

by Staff reporter | 16 February 2019 | 44 Views

Research key to economic development: Mnangagwa

by Staff reporter | 16 February 2019 | 31 Views

Lightning strikes family, kills mother

by Staff reporter | 16 February 2019 | 35 Views

Mnangagwa sued over NPRC lifespan

by Staff reporter | 16 February 2019 | 34 Views

Chamisa 'the chosen one' ring-fences presidency

by STaff reporter | 16 February 2019 | 33 Views