Breaking News

Econet attacks CABS

by Business Reporter
12 February 2013 | 4095 Views
ECONET Wireless Zimbabwe has launched a scathing attack on CABS accusing the building society of campaigning against its mobile phone money transfer service, EcoCash, because it offers a similar product .

The mobile phone operator denied claims by some banks that it has denied them access to its mobile phone money transfer gateway to enable them to initiate transactions straight from clients bank accounts to a recipient mobile number.

Econet Wireless executive  responsible for the rollout of EcoCash Mr Darlington Mandivenga has dismissed a claim by BAZ past president Mr John Mushayavanhu that the mobile giant was denying banks access to its platform for integration.

"That is simply not true. We have agreements with most of the banks and we are currently carrying out physical connections with most of them.

"We as Econet initiated the process and we are very keen to get it completed, but it cannot be rushed because it involves accessing bank accounts," he said.

Mr Mandivenga said Econet expects most banks to have their systems running by the end of March.

"Right now I am expecting three major banks to go live within 10 days, because we are almost complete," he added.

He named CABS as "the only institution which has been actively trying to fight the EcoCash service and has tried unsuccessfully to lobby against it. CABS partnered Zimswitch and Telecel Zimbabwe for a new mobile banking service called Textacash, which will enable its customers to "send cash home by cellphone''.

"As you know, CABS has been working with Zimswitch to launch a service called Textacash. Since their own customer base is very small compared to the Econet subscriber base of eight million, they want us to open up our system, so that they can simply spam any of our customers with text messages.

We will never allow that because it would not only violate our licence. It would be total abuse of customers' privacy," said the Econet Wireless executive.

Efforts to get a comment from former CABS managing director Mr Kevin Terry, who is now at Old Mutual, were unsuccessful as he was said to be locked up in a long meeting.

"They want to create an impression that this is the position of all banks, but they do not disclose to them that it is their own interest that they are fighting for. If CABS and Zimswitch want to compete with us, they are free to do so, but they must build a proper system that reaches the rural people in Zimbabwe.

"They have been there for decades, and never did anything to benefit the masses. This is not about the interests of banks or cellphone companies, it is about providing services to ordinary Zimbabweans," said Mr Mandivenga.

"Our friends in the banking system have told us about the campaigns to try and preserve the status quo in which less than 3 percent of our people had access to the formal financial system, and where thousands of people had to line up every month for hours just to access their own money, or travel all day just to find a CABS branch. This is not the future."

Banks, through BAZ, have already lobbied the central bank to take action against Econet Wireless' alleged reluctance to integrate them into the EcoCash platform.




Banks claim they did not have a similar challenge with other mobile phone operators, namely Telecel Zimbabwe and NetOne, but Econet Wireless, the country's largest mobile operator.

Reserve Bank of Zimbabwe Governor Dr Gideon Gono recently said he would discuss the matter with the Postal and Telecommunications Regulatory Authority and also amend banking legislation to address a number of issues relating to mobile banking.

Econet Cabs

Source: TH

Could there be war if Grace Mugabe becomes President?

Yes
75%
No
9.09%
Who cares?
15.91%
352

Comments

Latest Classifieds (Click Here For More)

News Updates

Email:

Latest News

Zanu-PF official embroiled in sex scandal, including raping girl (9) -...

by Staff Reporter | 24 October 2014 | 3662 Views

No meaningful devolution without fiscal autonomy - The ZAPU devolution...

by Themba Mthethwa | 24 October 2014 | 1259 Views

Open letter to Grace Mugabe - I AM sure you don't know me at all, bei...

by GP Ndlovu | 24 October 2014 | 7243 Views

Eziko Theatre Laboratory - WhatsApp update

by Byo Residents | 24 October 2014 | 1898 Views

'Mujuru's US ties behind fallout with Mugabe' - VICE-PRESIDENT Joice M...

by Staff reporter | 24 October 2014 | 7691 Views

Maid steals from dead employer - A MAID who had an affair with her la...

by Thubelihle Mabhena | 24 October 2014 | 4811 Views

'Joice Mujuru is corrupt and incompetent,' says Grace Mugabe - The Fir...

by Farirai Machivenyika and Felex Share | 24 October 2014 | 3069 Views

Makoni, leave Grace Mugabe alone - The First Lady is a natural pick by...

by Suitable Kajau | 24 October 2014 | 4546 Views

Man rapes donkey - A Tsholotsho teenager was arrested by after village...

by Staff Reporter | 24 October 2014 | 3323 Views

Prisoner admits to sodomising inmate - A 31 year old inmate at Khami M...

by Staff reporter | 24 October 2014 | 3601 Views

Sangoma (72) rapes minor - A 72 year old traditional healer allegedly ...

by Staff reporter | 24 October 2014 | 2848 Views

Tsvangirai faces eviction from Highlands' mansion - MDC-T leader Morga...

by Staff reporter | 24 October 2014 | 6454 Views

MDC factions headed for a clash - The two MDC formations that currentl...

by Staff reporter | 24 October 2014 | 3202 Views

'Mujuru's political future in Mugabe's hands' - Vice-President Joice M...

by Staff reporter | 24 October 2014 | 5482 Views

Grace Mugabe admits elevating Mujuru - First Lady Grace Mugabe yesterd...

by Staff reporter | 24 October 2014 | 2996 Views

Mugabe refuses to ditch Parly colonial bling - President Robert Mugabe...

by Staff reporter | 24 October 2014 | 2992 Views

Karikoga Kaseke sabotages Dr Grace Mugabe rally - Zimbabwe Tourism Aut...

by Staff reporter | 24 October 2014 | 4589 Views

Mujuru hit by phony cyber campaign - The Zanu-PF propaganda wars and m...

by Staff reporter | 24 October 2014 | 4381 Views

Zanu-PF's team Gamatox vs Team Zvipfukuto - Line-ups - As President R...

by Staff reporter | 24 October 2014 | 6416 Views

Robert Mugabe faces internal revolt - PRESIDENT Robert Mugabe is facin...

by Staff reporter | 24 October 2014 | 4984 Views

Grace Mugabe's War Vets speech - Video - https://www.youtube.com/wat...

by Staff Reporter | 24 October 2014 | 2774 Views

Victory and Going to Top Gears - Itai Dzamara - Victory and Going to T...

by Itai Dzamara | 24 October 2014 | 2701 Views

I salute you Cde Grace! - Dear Editor, I salute you cde Grace!I would ...

by Denford Madenyika (Denny) | 24 October 2014 | 3979 Views

Man in court for stealing friend's salary - A 26-year-old man stole hi...

by Staff Reporter | 24 October 2014 | 2828 Views

What did Grace Mugabe say to the War Vets? Word for word speech

by Staff Reporter | 24 October 2014 | 5167 Views

Mphoko distanced himself from land wrangle - ZIMBABWE'S former ambassa...

by Mashudu Netsianda | 24 October 2014 | 1681 Views

Crunch Zanu-PF Politburo meeting on today - THE crunch Zanu-PF Politbu...

by Staff reporter | 24 October 2014 | 2850 Views

EU hints on scrapping of sanctions against Zimbabwe - New British Amba...

by Lloyd Gumbo | 24 October 2014 | 2023 Views

'Mujuru owns 10% of Daily News,' says Grace Mugabe

by Staff reporter | 24 October 2014 | 4301 Views

Entertainment

Carl Joshua Ncube to star in game show - Comedian Carl Joshua Ncube wi...

by Staff reporter | 23 October 2014 | 872 Views

LadyBee Anondida - Official video

by Staff Reporter | 23 October 2014 | 2051 Views

Zim representative in the Big Brother Africa survives eviction - Zimba...

by Staff reporter | 20 October 2014 | 2835 Views

Grace Mugabe's political comedy takes ZTV hostage - For the past two w...

by Staff reporter | 20 October 2014 | 5229 Views

Oliver Mtukudzi to deliver lecture at Musica 2014 - Zimbabwe's interna...

by Staff reporter | 19 October 2014 | 1570 Views

Gezha maoko - Ladybee (Official Video)

by Staff Reporter | 19 October 2014 | 2761 Views

Matebeleland Music & Arts Festival - Sivala umnyaka ngengoma lapho sit...

by Staff Reporter | 17 October 2014 | 1819 Views

Obediah Matulana releases Christmas DVD - Bulawayo-based musician Obed...

by Staff reporter | 16 October 2014 | 2135 Views
iBlog

Advanced Systemcare Free To Optimize The Os Still Support Xp

the update systemcare free 7.3.0.456 (a set of tools to optimize the operating system) – now available.advanced systemcare is a free package to optimize, tweak, fix bugs and improve the overall performance of the operating system.the program anal... Read More
ITnews 02 June 2014 ago

Those Behind Tb Joshua Watch Photo Proof!

when this couple (dave and angie) were indicted of being the masterminds behind tb joshua watch, the blog admins refuted it and denied any sort of connections with the couple, but that’s not what the facts portray as precisely every single one ... Read More
pointblank 13 July 2014 ago