Econet, Zimbabwe’s leading mobile operator, has launched a mobile debit card described as the first of its kind as part of the operator’s cashless transaction plans.
Econet has invested in 10,000 point-of-sale (POS) terminals, of which half have been deployed and the other half are to follow soon.
“We will be everywhere very soon as we continue to build on the strength of the network,” said Cuthbert Tembedza, Ecocash chief executive, at the debit card launch last night (Tuesday).
The POS terminal will be equipped with a SIM card to provide connectivity. Approved transactions will be confirmed by SMS and a merchant receipt.
Darlington Mandivenga, Econet Wireless Services chief executive, said Econet’s mobile banking card is the first of its kind in the world.
“While M-Pesa are still thinking about it, we have already launched in response to [the] government’s call to promote the use of debit cards,” said Mandivenga.
The Econet POS terminals are designed to accept MasterCard, Visa and local Zimbabwean debit cards.
“Financial innovation enhances the quantum, quality and reach of financial products and services. The arteries of conducting trade will depend upon adoption of technology,” said Charity Dhliwayo, deputy governor of the Reserve Bank of Zimbabwe.
