Zimbabwe's telecash agents and merchants have increased by a thousand to 2,600 since the launch of the mobile money transfer service earlier this year.

Telecash is the mobile money service that was launched Zimbabwe's second largest mobile operator, Telecel Zimbabwe.

The service allows subscribers to use their mobile phones as an electronic wallet to transfer money, pay for airtime, buy groceries, pay bills and pay for other goods and services.

According to a press statement telecash agents and merchants increased from 1,600 to 2,600 from when the service was unveiled.

Telecash has also signed agreements with two insurance companies and a medical aid society for the payment of premiums and subscriptions through the mobile money service, reads the statement.

Medical aid society, Cima now accepts telecash as a means of payment as well as insurance companies Eagle Insurance and First Mutual Life, it was revealed.

“We launched telecash with just over 1,600 agents and merchants. It is pleasing to see that within just over a month the number of agents and merchants has increased by a further thousand,” said Telecel mobile financial services director Nkosinathi Ncube.

“We expect the number of agents and merchants to continue to grow,” he added.

Retails outlets that serve as telecash agents and merchants include OK Bazaars, Bon Marche, TM Supermarkets, and Zimpost.