HARARE - Telecel Zimbabwe Private Limited (Telecel) has launched a mobile money transfer platform, Telecash.
The service, which has been integrated with ZimSwitch to enable connection with banks, allows subscribers to transact across all networks.
“Telecash in particular offers banking services to people with no previous access to banking and financial services, especially those in the remote areas,” Nkosinathi Ncube, Telecel’s mobile financial services director, said.
While the mobile operator firmly believes the product’s competitive advantage lies with cheaper tariffs and its inter-operability, the core technology was also developed by an Indian technology partner, officials said yesterday.
Subscribers can also transfer money into any bank account held by a financial institution on ZimSwitch, using the platform’s instant payment interchange technology facility.
With 15 banks on the ZimSwitch platform, market watchers say Telecash will have a wider transacting base.
Ncube noted that funds can be transferred from major international destinations directly into a Telecash account, adding the service also had a bulk payment facility that allows corporates to make bulk payments, including salaries.
“The same facility also allows banks to make loan disbursements directly into a borrower’s account. The borrower can make loan repayments through Telecash as well,” he said.