Zimbabwe: Econet Takes Ecocash to ZSE

 

THE HERALD

February 1, 2013

ECONET Wireless Zimbabwe is working on setting up a payment system for small value shares bought on the Zimbabwe Stock Exchange using its mobile phone- based money transfer facility, EcoCash.

 

The system is designed to make it possible for small investors to buy and sell shares using EcoCash.

Confirming the development, Econet Wireless Services chief executive Mr Darlington Mandivenga said the system was especially meant to help small investors wishing to participate on the local bourse."I can confirm that we are working on a project to enable people to buy and sell shares using EcoCash.

"It is mostly directed at small investors who buy shares for less than US$5 000 at a time, to as little as US$50," he said.

Mr Mandivenga added that Econet Wireless mobile phone-based shares payment system would be an electronic trading platform which will also make share trading much more transparent. The move by Econet Wireless is expected to go a long way towards getting ordinary Zimbabweans interested in owning shares in companies listed on the stock exchange.

The current system at the stock exchange tends to favour large institutional investors as well as foreign investors who are cash rich. Stockbrokers find it difficult and expensive to deal with the needs of small investors looking for small volumes of shares, such as those for, say, US$100.

The system Econet Wireless has in mind will allow brokers to address this market without increasing their costs. Econet Wireless has been pushing the use of EcoCash in many areas of economic activity, including public transport, retail trading, school fees payments and utility bills.

Many of its subscribers now buy their airtime using EcoCash instead of buying from vendors on the streets. Mr Mandivenga did not say when the platform would be ready, but confirmed that discussions with brokers and the securities authorities would start once the system is up and running.

He said Econet would not set up a brokerage firm to deal with its new service. "We are just providing a payment solution, which we expect the brokers and public to use. They will all make money from it," he said.

The EcoCash system now has more than 1,7 million subscribers with huge potential to grow considering Econet Wireless now has more than eight million clients using the Econet mobile phone network.

comments powered by Disqus

Stay Connected

  • Follow us on

Download


MobileMoneyexpo


Winners


Unbanked Tv

Featured Companies

  • Global mobile financial services technology provider.
  • A complete mobile money solution for mobile money providers in emerging markets.
  • Serves both mobile and e-payment needs in the Nigerian market place.
  • splash is Sierra Leoneís first mobile payment system.
  • Teasy is an innovative Nigerian based mobile payment company
  • EASY, INSTANT and CONVENIENT way of sending cash at ANYTIME, ANYWHERE, to ANYONE on ANY NETWORK

MobileMoney Jobs


Featured Events

  • 10-11 July,2013 Accra - Ghana.
  • AfricaCom 12-14 November 2013 CTICC Cape Town South Africa
  • May 27 -29 Hyatt Regency Johannesburg, Johannesburg, South Africa.
  • MobileMoneyExpo, LAGOS Feb 12th & 13th, 2014 Nigeria

Gallery

  • B
  • Stanbic MobileMoney Agent at Shoprite
  • Stanbic MobileMoney Stand at Shoprite
  • Visit to Management of Comviva,India
  • Agency field work with FortisMM, Ibadan
  • Agency activities with FortisMobile,Ibadan
  • EazyMoney Agent training, Lagos state
  • EazyMoney Agent training, Oyo State.
  • EazyMoney Agency Training, Edo State
  • EazyMoney Agent Training
  • Group visit to Tigocash,Ghana
  • TigoCash Agent branding stand, Accra
  • TigoCash Agent outlet, Accra
  • Tariff Table, TigoCash Ghana.
  • Field work in Enugu State.
  • Agent in Enugu State.
  • Agency Field work in East of Nigeria.
  • Merchant ID
  • Splash MobileMoney Call Center Team
  • Agent group Training, Lagos
  • Agent group training, Lagos
  • Splash MobileMoney, Sierra Leone
  • Visit to Splash MobileMoney, Sierra Leone.