NetOne cashes in on Econet, RBZ fight

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HARARE: This week has seen some interesting developments in Zimbawe’s mobile money market arising from the recent RBZ directive banning cash-in, cash-out and cashback facilities. However, in a snap survey conducted by TechnoMag, on Thursday, results indicate that emerging players such as NetOne’s mobile financial services product One Money gained grip as the fight between RBZ and Econet spilled into courts.


Speaking to some of the One Money users, they revealed to our publication that they had not experienced any challenges on the One Money platform and also unpacked some of the unique benefits this platform has. They also expressed relief on the restoration of the facilities by the RBZ on Wednesday.


One Money Agents who spoke on condition of anonymity and said they were happy with latest developments on reversing the directive issued on Monday.


“We are happy with the fact that the RBZ has reconsidered the cash-in and cash- out ban as some of us have been using this facility to service customers who would have received their funds via OnePay from Cottco, which funds reflect as a cash-in which is totally from legal activities,” said one agent in Domboshava.


He added “not all agents are in the business of selling cash or fuelling the parallel market. Some of us have benefitted from our agent lines as an enabler for ethical mobile money transactions and we are grateful for the service we receive from One Money”


According to official figures, over the past three months ending 30 September 2019, OneMoney active subscribers grew by 97% from 215 000 subscribers to 425 000, thanks to the bulk payment facility OnePay which has provided relief to several corporates as it offers convenient, seamless and instant multi-wallet salary disbursements.


NetOne Head of Public Relations, Dr Eldrette Shereni confirmed this development.


“The OnePay facility has been well received by several institutions including corporates mainly for salary and stipend payments, NGOs, farmers, as well as institutions that process grants and other social security payments only to mention a few,” said Shereni.

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