Breaking News

Econet attacks CABS

by Business Reporter
12 February 2013 | 4055 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

Is Tsvangirai's BIG TENT leaking?

Yes
25.78%
No
32.03%
Not bothered
42.19%
128

Comments

Latest Classifieds (Click Here For More)

News Updates

Email:

Latest News

Dr Stem's dose of encouragement - More Tips for teens

by Dr Stem | 23 September 2014 | 180 Views

Brussels is not a sincere trading partner - It all started as a sincer...

by John Sigauke | 23 September 2014 | 290 Views

Man's genitals and lips cut off in horrific ritual murder - A Lower Gw...

by Staff Reporter | 23 September 2014 | 926 Views

Married woman rapes grade 6 pupil - A sex-starved married woman from B...

by Staff Reporter | 23 September 2014 | 1331 Views

USA created Al-Qaeda and the ISIS terror group - MUCH like Al Qaeda, t...

by Garikai Chengu | 23 September 2014 | 571 Views

'Grace Mugabe PhD trashes UZ credibility,' says Makoni

by Independent Foreign Service. | 23 September 2014 | 1088 Views

Fist fight at MDC-T

by Staff reporter | 23 September 2014 | 1147 Views

Zanu-PF probes 43 000 membership cards - Zanu-PF's Mashonaland West pr...

by Staff reporter | 23 September 2014 | 568 Views

Mugabe race gets dirtier - Despite moves by President Mugabe to bar Za...

by Staff reporter | 23 September 2014 | 1443 Views

Mugabe aides on US shopping spree - Members of President Robert Mugabe...

by Staff reporter | 23 September 2014 | 1064 Views

Zimbabwe to receive 'special coins' by November - The $20 million wort...

by Staff reporter | 23 September 2014 | 1028 Views

Man kills father for 'conniving' with mum to bewitch him

by Staff reporter | 23 September 2014 | 572 Views

Shock as woman discovers hubby has two other 'wives'

by Staff reporter | 23 September 2014 | 1546 Views

Man threatens wife's 'lover' with ulunyoka - PANDEMONIUM rocked Kudzan...

by Staff reporter | 23 September 2014 | 727 Views

Mum 'roasts' son's hands over groundnuts

by Staff reporter | 23 September 2014 | 581 Views

Robbers pounce on Mzilikazi High School, get away with pistols

by Danisa Masuku | 23 September 2014 | 910 Views

Super dad impregnates 10?

by Danisa Masuku | 23 September 2014 | 1529 Views

Circumcision: The Xhosa way - IT was a busy Thursday afternoon when I ...

by Danisa Masuku | 23 September 2014 | 570 Views

Kaindu face Bosso axe - KELVIN Kaindu will be sacked as Highlanders co...

by Ricky Zililo | 23 September 2014 | 1035 Views

Chelsea fan dies after Lampard scores for Manchester City - CHELSEA le...

by Sports reporter | 23 September 2014 | 1345 Views

'Prophet' on robbery spree - Police have bust a six-man armed robbery ...

by Tendai Rupapa | 23 September 2014 | 872 Views

Woman fails to turn up for DNA test to establish paternity - A WOMAN f...

by Lethokuhle Moyo | 23 September 2014 | 760 Views

Soldier, Cop in midnight row over prostitute's panties - A POLICE offi...

by Thandeka Moyo | 23 September 2014 | 1194 Views

Man up for sex attacks on street kids - A 38-YEAR-OLD Bulawayo man al...

by Staff Reporter | 23 September 2014 | 842 Views

Tollgate fees not enough, says Zinara - Money being collected from tol...

by Farirai Machivenyika | 23 September 2014 | 545 Views

Cop turns beast and rapes his three nieces at police station - A 55-ye...

by Plaxcedes Hove | 23 September 2014 | 844 Views

Zanu-PF MPs deny 'spying' for the US Embassy - Legislators implicated ...

by Staff reporter | 23 September 2014 | 445 Views

Man fails to kill self in 3 attempts in 2 days - A 36-YEAR-OLD man dri...

by Sukulwenkosi Dube | 23 September 2014 | 807 Views

98 tested for Ebola in Harare - AT LEAST 98 people have been put unde...

by Staff reporter | 23 September 2014 | 1087 Views

Zanu-PF's 'Chuck Norris' faces murder charges - SUSPECTED Zanu-PF fugi...

by Staff reporter | 23 September 2014 | 796 Views

Entertainment

Big Brother Africa reveals Zimbabwe's second representative - WITH 12 ...

by Bongani Ndlovu | 23 September 2014 | 689 Views

Wilfred Tichaona Mafrika aka Nyamasvisva - Biography

by Innocent Fungurani | 22 September 2014 | 979 Views

Miss Zimbabwe USA scouts for talent - TWENTY-SEVEN-YEAR-OLD internatio...

by Staff reporter | 22 September 2014 | 729 Views

Ubuntu Bako Bulawayo's Launch Event Party in Manchester - The 4th Octo...

by Staff Reporter | 21 September 2014 | 1157 Views

Intwasa set to liven Bulawayo night life - BULAWAYO will this Tuesday...

by Pabalelo Tlou | 21 September 2014 | 1009 Views

Abafana bako Godlwayo - UThabani Dibi Sibanda odume ngokuba yiNyosi eh...

by Staff Reporter | 20 September 2014 | 1841 Views

Game over as Generations Soapie goes off air - The South African Broad...

by Staff reporter | 20 September 2014 | 4241 Views

Derick stepping out of Majaivana's shadow - Derick Majaivana, aims to...

by Bruce Ndlovu | 20 September 2014 | 1249 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

Top 10 Causes Of Vaginal Bleeding After Intercourse

bleeding after sex can be rather alarming, and there could be many reasons why a woman would bleed after sex. though most women bleed after their first time having sex, if bleeding becomes frequent, there may be an underlying issue. below are the 1... Read More
adoniadennis 02 May 2014 ago