Breaking News

EcoCash transferring nearly $100 million monthly to rural areas

by Staff Reporter
03 January 2013 | 5186 Views
AT least $100 million monthly is being transferred from the country's urban centres to rural areas through Econet Wireless mobile money transfer EcoCash resulting in a significant impact on the rural economy.




Figures released by mobile phone operator Econet showed that millions of dollars were being moved into rural areas.

The money is being used to buy goods from local shops and to pay for services, including school fees. EcoCash has been opening up new economic possibilities for people in rural areas who up to now have struggled to see money circulate to them. Econet Wireless Services chief executive officer Darlington Mandivenga said the observations were in line with other countries in Africa that have similar services.

"Mobile money benefits people in rural areas. It helps them access financial resources even in very small amounts and this all adds up to a healthier economy all round," he said.

Mandivenga said liquidity was a big problem because when people receive money via EcoCash, they sometimes find it difficult to get the cash from local agents.
He said Econet was tackling the problem with its usual innovative approach.

"We are solving this problem by getting traders to accept payment in EcoCash and then get their money from us," Mandivenga said.

"We are systematically tackling these problems and the growth of the amounts being transacted shows people are gaining confidence."

Mandivenga said Econet was now working on introducing a platform for people in the Diaspora to send money home.

"Within a few months, we will make it possible to send money from anywhere in the world at a fraction of the current cost and in an instant," he said.

Money from the Diaspora is key to fuelling economic growth, but a lot of it never gets into the country because it is taken up by middlemen. Econet believes that money from the Diaspora would double or treble if a cheaper and faster solution was implemented.

This alone could eliminate problems of liquidity in the country and further boost economic recovery.

"We know its importance to the country and we are working hard on this solution," he said.

EcoCash

Source: NewsDay

Comments

Latest News

Quotable quotes on Zanu PF #MillionManMarch

by Staff reporter | 25 May 2016 | 196 Views

Mugabe claims Zimbabweans are 'angry' at talk of him retiring

by Staff reporter | 25 May 2016 | 348 Views

Zanu-PF's million march, a spectacular flop - claims MDC-T

by Obert Chaurura Gutu | 25 May 2016 | 696 Views

Mugabe's show of force

by Agencies | 25 May 2016 | 1504 Views

Sarah Mahoka 'gives' Zanu-PF men permission to rape women - Listen to ...

by Staff Reporter | 25 May 2016 | 3035 Views

WATCH: Man undresses, feeds himself to lions

by online | 25 May 2016 | 2828 Views

WATCH: China unveils bus that can drive over the TOP of other cars

by Staff reporter | 25 May 2016 | 3983 Views

Border Strikers finally scores and win, Caps United plucks Chicken Inn...

by Staff reporter | 25 May 2016 | 2360 Views

POEM: Africa, our land - A land of peace loving and united people,Who ...

by Wilson Chipangura | 25 May 2016 | 716 Views

'Factionalist are trading on treasonous territory,' says Mugabe - Pres...

by Thobekile Zhou | 25 May 2016 | 2121 Views

Mtukudzi attacked by MDC-T for singing for Mugabe

by Thobekile Zhou | 25 May 2016 | 4581 Views

Sangoma's wife killed for helping taxi drivers

by Staff Reporter | 25 May 2016 | 2236 Views

Ministers disrespect Mugabe - Zanu PF youth

by Thobekile Zhou | 25 May 2016 | 2478 Views

Zanu-PF youth want Harare airport named after Mugabe - ZANU PF Youth l...

by Staff reporter | 25 May 2016 | 1094 Views

Zimbabwe should not panic over my illness - Tsvangirai

by Thobekile Zhou | 25 May 2016 | 2412 Views

Tsvangirai's statement to the people of Zimbabwe

by Morgan R Tsvangirai | 25 May 2016 | 2203 Views

WATCH: Live streaming of million man match

by youtube | 25 May 2016 | 3801 Views

LIVE: Million-Man March

by Staff reporter | 25 May 2016 | 2528 Views

One Million Man March in pictures

by Thobekile Zhou | 25 May 2016 | 3337 Views

Zanu PF members fight for t-shirts - pictures

by Thobekile Zhou | 25 May 2016 | 4009 Views

Mugabe sneaks back into the country - THERE was neither a rally nor th...

by Staff reporter | 25 May 2016 | 2811 Views

Zanu PF grabs school buses for million man march

by Staff reporter | 25 May 2016 | 2436 Views

Swallow a balloon to lose weight, say experts

by Digestive Disease Week® (DDW) | 25 May 2016 | 2008 Views

Am not gunning for presidency, says Banana - THE son of first Presiden...

by Thobekile Zhou | 25 May 2016 | 2126 Views

Africa has been stabbed in the back by its rogue leaders - Africa is a...

by Tendai Ruben Mbofana | 25 May 2016 | 1405 Views

Grace Mugabe descends on Bulawayo

by Staff Reporter | 25 May 2016 | 3413 Views

Entertainment

Zimbabwe-born Olivier excels in SA music contest - Zimbabwe-born Jerem...

by Staff reporter | 25 May 2016 | 1004 Views

After Flashbacks and Setbacks press brief - A EDZAI ISU Theatre Arts P...

by Staff Reporter | 25 May 2016 | 278 Views

Gringo turns to music - "I am an artiste and have passion for acting. ...

by Sophia Chese-Msowa | 25 May 2016 | 1117 Views

Dj Zinhle dying to be in Bulawayo

by Thobekile Zhou | 24 May 2016 | 2231 Views

How Oskido fell in love with Kwaito - SOUTH African music mogul Oscar ...

by Bongani Ndlovu | 24 May 2016 | 1815 Views

Gospel divas upbeat ahead of Malope show - LOCAL performers billed for...

by Nhlalwenhle Ngwenya | 24 May 2016 | 1384 Views

DJ Sbu rips the stage at Pabloz VIP - South African deejay‚ philanth...

by Staff reporter | 24 May 2016 | 1660 Views
iBlog

Apple Watch Teardown Reveals Unique Hardware And Replaceable Parts

The apple watch may not be fine jewelry, but bill detwiler cracks it open and shows you why he thinks it's a fine piece of tech. the apple watch may be beautiful on the outside, but how about on the inside? in this cracking open installment, we go in... Read More
Sergey 11 June 2015 ago

Samsung Gear Vr Innovator Edition For S6: The Perfect Vr Intro For Professionals

we're drenched in talk about the impending wave of consumer-facing vr headsets about to hit the market, starting at the end of 2015. by contrast, you can walk into a best buy right now and pick up the samsung gear vr innovator edition for the galax... Read More
Sergey 20 June 2015 ago