Zimbabwe-based operator Econet is preparing to launch a remittance service between South Africa and Zimbabwe, simplifying money transfers between the countries.
Econet Wireless will launch the service from its EcoCash platform, administering transfers through 7,000 available EcoCash agents.
Econet believes EcoCash remittances will become the biggest source of foreign currency in the economy by the end of 2013.
Darlington Mandivenga, chief executive officer (CEO) of Econet Services, said: “Our research suggests that by making it quicker and easier to send small amounts of as little as ZAR5 (US$0.48) at time, we will see a massive inflow of money, just like we see on EcoCash here at home.”
The service will be particularly useful to Zimbabweans residing in South Africa who can transfer money by loading it on to their mobiles.
A soft launch in South Africa is expected in September, with further rollouts expected in Botswana and Zambia before the end of 2013.
International expansions in the United States (US) and United Kingdom (UK) are also planned.
According to the operator, Zimbabwe is a leader in the cross-border remittances market, with more than ZAR6.7 billion (US$65 million) in transfers to and from South Africa.
This amounts to 60 per cent of the total South African Development Countries (SADC) remittances.
