Zimbabwe’s mobile payment solution that enables Econet customers to send or recieve money to loved ones, buy prepaid airtime and pay for goods and services EcoCash has recieved approval to operate cross border remittance service from South Africa.
The firm and its South African partners have been approved by the South Africa Reserve Bank, the he central bank of South Africa and the country’s financial services regulator.
The service which took over 18 months to be secured is expected to go live in a few weeks will see Zimbabweans living in South Africa to send money directly to any Econet Wireless number anywhere in Zimbabwe via EcoCash.
This will be a major relief for Zimbabweans working in South Africa who reportedly find it hard to send money back home to their friends and relatives.
“By making the process of sending money from South Africa highly accessible, quicker and more convenient, Zimbabweans living in South Africa will be able to send remittances of even less than R50 at affordable rates,” announced the firm.
In a statement on its site, Econet says it predicts the new service to fundamentally change the remittance patterns characterized by large, lump sum transfers of around R1 000 being sent monthly or every several months. The firm is also hoping the “micro-remittance” solution will stimulate increased remittances into Zimbabwe which will help ease liquidity challenges in the economy.