Zimbabwe's mobile money platform, EcoCash, has inked a partnership with South Africa-based remittance company, Mukuru.com to enable expat Zimbabweans to send money directly to mobile money wallets of recipients back home.
EcoCash has a presence in SA through agents that help process mobile money remittances through the platform.
Morris Mpofu, the Director for Exchange Control at the Reserve Bank of Zimbabwe said most Zimbabweans in South Africa "have been forced to send money via ... risky and unreliable methods" such as buses and through travelling friends.
This had resulted in some customers losing their hard earned money, said Mpofu.
He also said there was "growing confidence in our (Zimbabwe's) mobile financial services sector" owing to the "growth of mobile electronic transactions" in the country.
The partnership between Mukuru and EcoCash has been facilitated and structured by Cassava, a financial technology subsidiary of Econet.
Remittances processed through the Mukuru and EcoCash partnership platform can be cashed out or used for any other services including person-to-person money transfer, bill payments or purchasing airtime.
Mobile operators MTN and Vodacom have discontinued their mobile money services in South Africa and Econet Wireless is eager to capitalise on the number of expats residing in the country.
"Remittances play a major role in our economy and in the foreseeable future we will be extending the same convenience for Zimbabweans living in other countries," said Douglas Mboweni, CEO, Econet Wireless.
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