‘Swipe Into Ecocash’ Here To Stay, says Econet

Econet Wireless Zimbabwe is not willing to give in to Zimswitch’s demand to have the ‘Swipe Into Ecocash’ facility terminated saying the service is here to stay. 

This comes amid calls by Zimswitch to Steward Bank to pull the plug on the facility after failing to find a solution to transaction challenges raised by the industry. Econet in an exclusive statement sent to TechnoMag said there are no plans to switch it off. Econet is the mother company to Ecocash and Steward Bank. 

 “Econet Wireless Zimbabwe Pvt Ltd, the parent company of EcoCash and Steward Bank, wishes to advise its customers and the transacting public that the Swipe into EcoCash service is available and there are no plans to discontinue it,” said the company.

The company added that this service is alive and kicking.

“Contrary to some media reports suggesting otherwise, the company wishes to reiterate that the Swipe into EcoCash service is up and running, and available for use by all customers,” said Econet.

ZImswitch reportedly announced the suspension of Swipe into Ecocash facility from their platform. 

According to 263chat, Zimswitch general manager Cyril Nyatsanza sent a letter to Steward Bank running the service, saying the decision to suspend Swipe into Ecocash service was arrived at after several meetings between the two in an effort to find a solution to challenges raised by the industry.

Reference is made to several meetings between Steward bank and the Reserve Bank of Zimbabwe NPS division in an effort to find a solution to the Swipe into Ecocash transaction challenges which have been raised by the industry.

“You will be aware that at one of the meetings, the RBZ was categorically clear that Swipe into Ecocash is not a purchase transaction and should not be switched as such,” said Nyatsanza.

Nyatsanza said Steward Bank was expected to change the transaction type in line with Reserve Bank of Zimbabwe’s position that Swipe into Ecocash is not a purchase transaction.

“We note with concern that Steward Bank has failed to implement the change and swipe into Ecocash transactions continue to be routed as transaction type 00-Purchase instead of the agreed type 50.

“Steward bank is therefore directed with effect from Wednesday 23 May to suspend with immediate effect the processing of the swipe into Ecocash transactions across Zimbabwe until transaction type has been regularized,” noted Nyatsanza.

Ecocash is increasingly becoming susceptible to challenges to its main competitive edge, which is convenience. Consumers have had issues with delayed confirmation of transactions, double debits from single transactions, or bounced transactions altogether.

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