With barely a year after being formed GetCash, the company’s CEO Medicine Mavhondo has left to join the parent company GetBucks.
Getcash, a promising mobile money business still has an uphill task with serious staff reshuffles which led to Mavhondo.
Few months after taking over from Nettcash, after an asset buy off of a $1.4million , GetCash is not taking off at the expected speed which many had anticipated, especially after their official launch which was graced by top government officials.
The CEO is however rumored to have joined the parent company, GetBucks in a strategic management shakeup, as they seek to drive the entity to profitability, With some fear that they may not be concentrating much on the mobile money business.
Efforts to call Mr Mavhondo were fruitless as his mobile phone went unanswered.
Running mobile money business has become the most difficult area, since Econet Wireless’ Ecocash took over the industry. Netone is struggling to have subscribers registered over their One Wallet mobile money, while Telecel has continued to play second fiddle.
Getcash hit the market with the lowest priced mobile money service charging between $1 to $2, for registered user is charged a mere $0.19 for cashing out while sending through an agent costs $0.20 a move which got the market excited, and hundreds of thousands were expected to jump on the platform.
Unfortunately , odds were against them as Zimbabwe was hit with a national crisis which dried up all mobile money services, including Ecocash agents, a move which completely discouraged mobile money transfer as deposits sank low.
Getcash’s hope for continuity still only lies in bill payments, as cash shortages bites, but they may need to start invading new untapped markets like universities and colleges where millions still need to understand their brand, before it gets national acceptance.
The majority transacting, today are directly using their mobile services based on sim cards, while Getcash introduced an IP based mode of transacting which millions are yet to understand and embrace.
Their rates are the best on the market, but the product still needs a lot of marketing as few players are using it to but electricity and fuel, and creating a network of support merchants will be a strong trump card.