Econet launches mobile money transfer service

Oct 04, 2011

Econet has launched a new mobile money transfer service in Zimbabwe.

Those living in the country can now send and receive cash using a wire transfer solution without the need to open a bank account.

According to Simon Muchemwa, Harare Correspondent for SW Radio Africa, the move will bring about significant changes and make banking easier for those who usually do not have access to financial services.

"This money transfer concept will help many urban-based Zimbabweans to support relatives in rural areas," he stated.

Mr Muchemwa added that the solution means people are "effectively being given ATM cards without them ever having to open a real bank account".

Individuals can also use the mobile service to purchase airtime, move money between different cellular networks and make other types of payments.

The Zimbabwean notes that traditional banking methods are evolving in the country due to the advent of technology and competition among financial institutions.