Econet subscribers get improved money transfer service

Oct 06, 2010

Mobile phone owners in Burundi using Econet can now transfer money to users of handsets on other networks.

The voice and data provider, which began operations in the country in March 2009, has implemented an upgrade to Ecocash, its wire transfer service, East African Business Week reports. Over 8,000 customers have subscribed to Ecocash since it was launched last year and Managing Director of Econet Darlington Mandivenga was quoted by the news source as saying the new service is "another first".

Yannick Mugisha, Brand Manager at the mobile network, added the system can be used to pay for a variety of goods and services, such as utilities, restaurant bills and hotel charges. He also spoke of the security benefits of transferring money by mobile phone, arguing it is much safer than carrying cash in physical form.

Mobile banking is growing in popularity across the continent and Lana Strydom of South African bank Absa recently told Daily News Egypt the service is poised to become a big part of the financial services market in Egypt.