Breaking News

EcoCash transferring nearly $100 million monthly to rural areas

by Staff Reporter
03 January 2013 | 6141 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

Is Itai Dzamara eyeing the US Green Card?

Yes
16.6%
No
77.74%
Not sure
5.66%
265

Comments

News Updates

Email:

Latest News

Goblin forces couple to abandon luxury home - A BULAWAYO man and his ...

by Staff Reporter | 31 March 2015 | 742 Views

Australian tourist arrested for stealing $45 from Zim vendor - AN Aust...

by Staff Reporter | 31 March 2015 | 695 Views

Journalists warned - The Chief Secretary to the President and Cabinet...

by Staff reporter | 31 March 2015 | 1581 Views

Mugabe back from Ethiopia - President Robert Mugabe is back home from ...

by Staff reporter | 31 March 2015 | 1233 Views

Zimbabwe govt urged to give youths land - The National Political Commi...

by Staff Reporter | 31 March 2015 | 991 Views

Open apology to King Goodwill Zwelithini

by Kingston Mazabane | 31 March 2015 | 4658 Views

Dethroned Mujuru is to blame for her political downfall - Reading arti...

by John Mukumbo | 31 March 2015 | 2365 Views

Shingi Munyeza leaves African Sun - The African Sun Group Chief Execut...

by Stephen Jakes | 31 March 2015 | 2411 Views

Zimbo locked up in Botswana for falsehoods - A Zimbabwean refugee app...

by Stephen Jakes | 31 March 2015 | 2316 Views

Hubby invites granny for all night sex party caught red-handed by wife...

by Staff Reporter | 31 March 2015 | 6152 Views

Why MDC will not participate in By-elections - THE MDC reiterates its ...

by Ellen Shiriyedenga, MDC Director of Elections | 31 March 2015 | 2210 Views

Thieves smash Charamba's car, steal cash and mobile phones - Harare t...

by Staff Reporter | 31 March 2015 | 4755 Views

'Boko Haram has killed 7 300 people' - The UN says Boko Haram militant...

by Staff Reporter | 31 March 2015 | 2093 Views

Is democracy Africa's share? - For the people By the people  With...

by Wangu-Mine | 31 March 2015 | 1238 Views

Zimbabwe political crisis reaches tipping point

by Obert Chaurura Gutu, MDC-T National Spokesperson | 31 March 2015 | 3735 Views

POSB supports ZIMASSET

by Thobekile Zhou | 31 March 2015 | 1717 Views

Bye bye! - Southern Eye says to its readers

by Thobekile Zhou | 31 March 2015 | 3108 Views

Photo of 'unwell' Grace Mugabe emerges

by Staff reporter | 31 March 2015 | 16338 Views

'Big snake swallows two goats' - 9:07am, Mar 31 - ‪+263 7* *** ****...

by Silobela Villagers | 31 March 2015 | 7373 Views

Jonathan Moyo attacks 'foolish' NewsDay

by Thobekile Zhou | 31 March 2015 | 4076 Views

Fifa presidential candidate in Harare, courts Cuthbert Dube - Aspiring...

by Thobekile Zhou | 31 March 2015 | 2527 Views

Ray Kaukonde donation shakes Marondera council - Marondera Central MP ...

by Staff reporter | 31 March 2015 | 6183 Views

'Shut up,' Zanu-PF tells Jabulani Sibanda - Faction riddled has hit ba...

by Staff reporter | 31 March 2015 | 4997 Views

Bhasikiti exposes corrupt ministers - In a stunning revelation, former...

by Staff reporter | 31 March 2015 | 4858 Views

Panic over Grace Mugabe illness - A deadly cocktail of uncertainty pan...

by Staff reporter | 31 March 2015 | 7109 Views

Grace and Robert Mugabe illness 'collapses' Zanu-PF - BULAWAYO SOUTH M...

by Staff reporter | 31 March 2015 | 5629 Views

'Chicken thief dies in action'

by Concerned Citizen | 31 March 2015 | 6683 Views

MDC-Renewal members can contest by-elections as independents - MDC-Ren...

by Staff reporter | 31 March 2015 | 1869 Views

Mugabe under attack over calls for diasporans cash - President Robert ...

by Stephen Jakes | 31 March 2015 | 3178 Views

Entertainment

Big Nuz date Bulawayo fans - DURBAN's finest kwaito group, Big Nuz ar...

by Kusile Madlela | 31 March 2015 | 1588 Views

Bev, Zoey videos go viral - Videos included - THE raunchy videos of ...

by Rest Mutore | 31 March 2015 | 6677 Views

Comedian BRINGS new life to Cotton Country Inn

by Kadoma Directory | 28 March 2015 | 1793 Views

Buju Banton released early and deported, rumors untrue

by Staff Reporter | 27 March 2015 | 5329 Views

Mutodi praises Mnangagwa in new song - Flamboyant sungura musician-cu...

by Staff reporter | 26 March 2015 | 2456 Views

Tuku teams up with Bra Hugh for Cape Town Jazz Festival - The 16th Cap...

by Arts reporter | 26 March 2015 | 1064 Views

ZimOnline Radio sponsoring the ZimCup Clash trophies - ZimOnline Radio...

by Staff Reporter | 25 March 2015 | 1375 Views

Kwaito legend dies

by Staff reporter | 25 March 2015 | 8886 Views
iBlog

Obviously, Windows Xp Has Nothing More To Offer

With no support from the manufacturer, windows xp no longer receives antivirus updates, which provoked an increase in the number of attacks on xp users. according to avast company, windows xp systems are attacked 6 times more often than the devices r... Read More
Sergey 12 June 2014 ago

Time To Kiss Zimbabwe Goodbye Forever.

By israel dubethings fall apart at zanupf. brother turns against brother, sister betrays sister. the center cannot hold anymore. as the walls of oppression and discrimination collapse, matebeles must make sure that they do not find themselves lost i... Read More
myAfroTube 03 November 2014 ago