HomeBusinessEcoCash rules the roost as transactions soar

EcoCash rules the roost as transactions soar

BY BUSINESS REPORTER

The Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) third quarter industry report showed overall growth in active mobile money subscriptions across all three mobile money operators EcoCash, OneMoney and Telecash, underlining the extent to which Zimbabweans have adopted the convenience that mobile money brings.

The Potraz report said OneMoney — whose customer base of 428 529 is 6,3% that of EcoCash’s base — gained 93 397 more customers (27.8%), while EcoCash, which had 6 707 225 subscribers, grew its base by 64 217 more customers, a percentage point jump.

Telecash lagged behind, reporting total subscriptions of 54 399 customers, an addition of 209 more customers (or 0.4%) growth from the second quarter.

But while there was customer growth among the three mobile money players, only EcoCash recorded growth in the value of actual customer transactions in the third quarter of 2019, according to the report.

Potraz said there was significant growth in the volume and value of mobile money transactions in the quarter under review, almost entirely driven by EcoCash.

The report revealed that Ecocash processed 99.7% of the total value of mobile money transactions, up from 99.6% recorded in the previous quarter.

In the same period, OneMoney’s share of transactions remained flat at 0,3%, while Telecash’s share of transactions slid from 0,1% to 0,03%.

EcoCash accounted for nearly all of the 106,1% growth in cash-ins of about $5billion, up from Z$2,4 billion in the second quarter, and the 99.2% growth in airtime, bill and merchant payments from $2,5 billion in the second quarter, to $4,9 billion in the third quarter.

EcoCash’s transaction volumes and values have continued to rise due to its extensive agent and merchant network.

OneMoney has over the past two quarters mounted a spirited challenge to EcoCash’s market leadership.

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