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Press Release: MTN and Econet partner on 2-way mobile money remittance

MTN Zambia Head of Mobile Money EcoNet Chief Operations Officer Natlie Payida and CEO of EcoNot Fayaz King at yesterdays signing ceremony
MTN Zambia Head of Mobile, Money EcoNet Chief Operations Officer Natlie Payida and COO of Econet Fayaz King at yesterday’s signing ceremony

MTN Zambia has signed a partnership with the Zimbabwean mobile money giant EcoCash. EcoCash is owned by Econet the leading telecommunications service provider in Zimbabwe. The partnership will enable money transfers between people in the two countries who will be able to send and receive cash instantly using EcoCash in Zimbabwe and MTN in Zambia.

Representing MTN Zambia at the signing ceremony held yesterday in Harare Zimbabwe’s’ capital, Head of MTN Mobile Money, Mr. Wane Ngambi said, ‘the partnership is an indication of growth and a sign of big opportunities that cannot be covered by boundaries’. Ngambi said, ‘MTN Mobile Money was experiencing dynamic and rapid growth in the telecommunications sector’.

Currently, MTN Mobile Money is facilitating money transfers, deposits, withdrawals and bill payments across some two million subscribers in Zambia with over 200,000 active transactions on a monthly basis,  translating into 23 thousand nine hundred dollars’ worth of transactions. MTN Mobile Money loans are also offered on the platform. Statistics show a potential market of over 200,000 Zimbabweans who live in Zambia expounded by the close relations that the two countries enjoy presenting unlimited trading opportunities and social support networks.

Meanwhile Econet CEO Mr Douglas Mboweni said, “We are very excited about this partnership with MTN Mobile Money. This is just the first phase.”

Also at the signing ceremony, EcoCash Head General Manager, Natalie Jabangwe Said, “Our role as EcoCash is to ensure that these remittances are channeled through the formal market, for the security of our customers, and also for the benefit of the economy.”

EcoCash, has led the way in replicating wallet to wallet cross border remittances for Southern Africa. Remittances play a major role in Zimbabwe’s economy. The MTN/EcoCash mobile money platform closes the gap of bank
transactions time consuming procedures and the expensive international remittances for customers. MTN Mobile Money Head, said it was important to keep abreast with advancements that delivered convenience to customers across sectors and the joint  mobile money platform completes the value -chain of customer experience.
He further said the possibility of a Zimbabwean in Zambia to send cash to Zimbabwe via MTN Mobile Money on short code *509#; and a recipient in Zimbabwe being able to receive cash via EcoCash and vice-versa, was a product of great minds coming together in business.

MTN Zambias Head of Mobile Money Wane Ngambi and the EcoCash team at yesterdays signing ceremony
MTN Zambia’s Head of Mobile Money Wane Ngambi and the EcoCash team at yesterday’s signing ceremony

Mr. Ngambi said the partnership would also play a big role in bringing on board unbanked Zambians and Zimbabweans who will be able to transact a maximum of one thousand dollars a day, thereby increasing the financial inclusion rate of the adult population in both countries. Mobile banking has also helped deal with the stigma attached to glossy looking buildings that present an elitist view of what type of person to transact with by breaking the walls. The clients served through this platform would be able to access their money from anywhere they find an EcoCash or MTN Mobile Money Agent. For some, it will only be a stone-throw from their home reducing or completely taking away the cost of access.

The mobile banking story keeps growing on a global scale and MTN Mobile Money was keen on driving its growth not only in Zambia but also in the region, continent or globe, by identifying partners with the same aspirations.

MTN Mobile money is aimed at offering a service that will reduce the cost of paying bills, sending money receiving money and saving money. MTN Mobile money gives a customer an opportunity to walk with a secure e- wallet that can be carried on a sim card, on a phone.

MTN Zambia Mobile Money Head, Ngambi, believed EcoCash was a right partner and a flourishing collaboration was destined.

Source: MTN Zambia

2 thoughts on “Press Release: MTN and Econet partner on 2-way mobile money remittance

  • Your caption on first photo is not accurate. Fayaz King is COO of Econet not CEO

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