Mobile money services MTN MoMo in South Africa and EcoCash in Zimbabwe have partnered to provide what are described as effortless direct cash transfers between the two countries.
The partnership, which brings together the strength of MTN and its popular MoMo app and the extensive reach of EcoCash, managed by leading operator Econet Wireless, provides a reliable, efficient and affordable way to move money directly into EcoCash electronic wallets, according to Kagiso Mothibi, Chief Executive Officer for Fintech, MTN South Africa.
He says: “Many Zimbabweans in South Africa using MTN MoMo as their mobile money provider can now use EcoCash link, which does away with the need to use expensive and, often, time-consuming traditional remittance channels to get money to loved ones.”
The most attractive part of EcoCash, says the company, is the low remittance fee structure and the ability to withdraw payments made in South African rands as United States dollars at any of 9,000 EcoCash representation points in Zimbabwe if recipients wish.
Promoting the service, the MoMo site says: “Send money from South Africa to any town or village in Zimbabwe hassle-free. With MTN MoMo, transfer money to friends or family for only a 4% sending fee. Transfer money to their EcoCash wallet, with over 9,000 cash-out points across Zimbabwe.”
In addition, all transfers occur in real time on the MTN MoMo app and are immediately reflected in the chosen EcoCash wallet across the border.
MTN MoMo launched in Uganda in 2007 enabling person-to-person payments for subscribers across the country. Regulatory issues, particularly in Nigeria, Ghana, Côte d’Ivoire, and Cameroon, caused delays elsewhere. However, since Uganda and Rwanda became the first countries to launch, MoMo has expanded into 16 markets and the electronic wallet has evolved beyond basic transactions.
