Breaking News

Econet attacks CABS

by Business Reporter
12 February 2013 | 4068 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
28.24%
No
31.76%
Not bothered
40%
255

Comments

News Updates

Email:

Latest News

Prophet Magaya lure derails Pastor Charamba concert - Charles and Oliv...

by Staff reporter | 01 October 2014 | 835 Views

Why does Zanu-PF fear MDC-T demos? - WhatsApp update - Please note th...

by Concerned citizen | 01 October 2014 | 691 Views

Drivers' licences for sale - YOUTH in Zimbabwe are involved in corrupt...

by Staff reporter | 01 October 2014 | 1102 Views

Zoey dancer undresses on stage - A DANCER with the group Sexy Angels l...

by Staff reporter | 01 October 2014 | 1134 Views

Cops harassing motorists over licence disc that expired at midnight - ...

by Concerned Citizen | 01 October 2014 | 776 Views

Woman sues 5 men for maintenance - A MOTHER of five children sired wit...

by Lethokuhle Moyo | 01 October 2014 | 1842 Views

Plumtree police ordered to release impounded bus - A court has ordered...

by Staff reporter | 01 October 2014 | 1589 Views

Mugabe's spy appears in court - A CENTRAL Intelligence Organisation (C...

by Staff reporter | 01 October 2014 | 1796 Views

Police complicit in the Breakdown in the Rule of the Law - Police comp...

by David Conolly | 01 October 2014 | 794 Views

Ziqhenye ngolimi lwakho kuloba - Bekusindwe ngobethole izolo eMaphalal...

by Butholezwe Mpofu | 01 October 2014 | 609 Views

Chiwenga's ex-wife gets threatening phone calls - JOCELYN Chiwenga, ...

by Staff reporter | 01 October 2014 | 1518 Views

Grace Mugabe on campaign trail - First Lady Grace Mugabe is hitting th...

by Staff reporter | 01 October 2014 | 1262 Views

Mugabe faces gay gangsters - PRESIDENT Robert Mugabe is today expecte...

by Staff reporter | 01 October 2014 | 1452 Views

Mugabe loses Zanu-PF grip - There was widespread agreement among polit...

by Staff reporter | 01 October 2014 | 1595 Views

Child 'killer' driver in police custody

by Staff reporter | 01 October 2014 | 1030 Views

Truck hits 2 pupils, 1 dies on spot - A Grade Three pupil in Gweru was...

by Timoth Makohliso | 01 October 2014 | 1125 Views

Bulawayo cop steals bull

by Staff reporter | 01 October 2014 | 1001 Views

Abusive ex-policeman hammers wife to death - A woman granted a protect...

by Staff Reporter | 01 October 2014 | 1183 Views

Driver killed in haulage trucks collision

by Staff Reporter | 01 October 2014 | 1278 Views

Phillip Chiyangwa: his social media antics

by Problem Masau | 01 October 2014 | 1556 Views

Banana 'ended' Gukurahundi, says Mudenda - SPEAKER of Parliament Jacob...

by Staff Reporter | 01 October 2014 | 2040 Views

Zanu-PF fights spill into court - Zanu-PF's vicious succession battles...

by Staff reporter | 01 October 2014 | 1103 Views

MDC-T bars Chamisa, senior official under probe for 'vote buying' - Th...

by Staff reporter | 01 October 2014 | 1059 Views

Kaindu quits Bosso - KELVIN Kaindu has left Highlanders by mutual cons...

by Ricky Zililo | 01 October 2014 | 1750 Views

Mohadi threatens to kills foreign investor's employee

by Staff Reporter | 01 October 2014 | 1385 Views

Politburo showdown looms on Gono, Mliswa today - Zanu-PF's Politburo w...

by Staff reporter | 01 October 2014 | 1066 Views

Cop frees offender in return for sex

by Staff reporter | 01 October 2014 | 1776 Views

Mujuru's PhD mysterious appears at UZ library - THE mysterious appeara...

by Staff reporter | 01 October 2014 | 2305 Views

Entertainment

Pokello urges Zimbos to support local BBA reps

by Staff Reporter | 01 October 2014 | 809 Views

Izithunywa Zezulu Gospel Group - Yizwa Imithandazo Yethu - Sekwenzakel...

by Staff Reporter | 30 September 2014 | 548 Views

Tuku releases lyrics for new album ahead of launch

by Entertainment Reporter | 30 September 2014 | 1375 Views

Mtukudzi to release new album - Music superstar Oliver "Tuku" Mtukudzi...

by Staff reporter | 29 September 2014 | 1427 Views

Parliament TV Channel in pipeline - PARLIAMENTARY debates might soon ...

by Staff reporter | 28 September 2014 | 1181 Views

Omkhula, the funniest guys I have ever seen - NOW that the Intwasa Ar...

by Christopher Mlalazi | 28 September 2014 | 2692 Views

Albert Nyathi collaborates with Shabalala Rhythm's Maqhinga Radebe - R...

by Bekezela Tshuma | 28 September 2014 | 944 Views

'Return of Mukanya' cancelled due to visa delays - THE much-awaited Th...

by Staff reporter | 27 September 2014 | 1832 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

Yet Another Wave Of Digital Destruction Is Coming

Malware fever keeps on raging, taking sophisticated forms to wreak havoc around the worldwide web. even if your system is guarded thoroughly, you are still skating on thin ice, so you should better keep your eyes open and think twice before you make ... Read More
SecNews 02 March 2014 ago