By Toneo Tonderai Rutsito
After too many warning shots, Today Telecel finally announced that they will be officially launching their mobile money service tomorrow, the 30th of January 2014.
Telecash, a contender to Econet`s Ecocash,launches with an advantage of financial system backup of all ZimSwitch connected banks and interoperability across all networks amongst its gunning points.
During the press briefing, Telecel announced that they will be interconnecting all mobile opearators (Econet included), an interesting move since Econet has been on record that their Ecocash will not interconnect other Mobile Networks due to “Fears of money Laundering”, We wonder if the reverse is not true in this case though.
The Mobile Financial Service director Mr Nkosinathi Ncube said Telecash will come in to connect every user across all networks and add convenience and he is not foreseeing any problems from the other Mobile Network Operators.
Telecel today unveiled its electronic wallet service, telecash, which allows mobile phones to be used to send money to anyone with a mobile phone, regardless of network, and pay for groceries, bills, airtime and other goods and services.
Telecel subscribers can register for telecash at any Telecel office or with selected telecash agents or telecash ambassadors, who will be found roaming around the streets for the convenience of customers wishing to sign on for telecash.
All that is needed to register is one’s identity card and a photocopy of it and to complete a telecash application form.
Telecash subscribers can deposit money in their electronic wallet (e-wallet) or withdraw money from it at any Telecel shop or telecash agent.
1) Telecash is an electronic wallet (e-wallet) service offered by Telecel. It allows subscribers to conduct a host of money transactions using their mobile phones and without having to visit a bank.
2) Registered telecash subscribers can, using their mobile phones:
- deposit money in their e-wallet at any Telecel office or telecash agent;
- draw money from their e-wallet at any Telecel outlet or telecash agent;
- send money to anyone on any mobile phone network in the country;
- receive money in their telecash e-wallet account;
- deposit money in any bank account held at a bank which belongs to ZimSwitch and has the ZimSwitch ZIPIT facility;
- purchase prepaid airtime for themselves or other Telecel subscribers;
- pay for groceries and other goods and services at merchants displaying telecash sign;
- pay bills such as bills from ZESA, TelOne, DSTV and Harare City Council;
- ask to be issued with a ZimSwitch enabled telecash debit card, which can be used at any ZimSwitch branded point of sale machine.
3) Money can be transferred into a telecash account from any major international destination.
4) Bulk payments can be made into telecash accounts to, for instance, pay salaries.
5) To register for telecash one must be a Telecel subscriber or become a Telecel subscriber and complete an application form at a Telecel shop or Telecel agent and produce one’s National Identity Card and a photocopy of the National Identity Card as well as the mobile phone that is to be used for telecash. This can also be done with a telecash ambassador, several of whom have been deployed onto the streets.
6) After registration, which is instant, the registered telecash subscriber must activate the telecash account by completing a simple procedure, which includes creating a Personal Identification Number (PIN) which should not be divulged to anyone.
7) There is no minimum balance required for telecash.
8) There are no monthly charges for telecash.
9) Transaction charges are competitive.
10) For all transactions one’s national identity card and mobile phone are required. The secret PIN is used for every transaction.
11) No bank account is required for telecash. However an existing bank account can be integrated with a telecash account.
12) A text message notification of all transactions is sent to the telecash subscriber’s mobile phone.
13) There are transaction limits of $500 per transaction, $1 000 per day and $5 000 per month.
14) Telecash is competitively priced, easy and simple to use, secure, fast and gives one the convenience of transacting at any time of the day.
15) Applicants to become a telecash agent or merchant have to provide, in addition to a completed application form, documentation that varies according to whether they are companies, sole proprietors or Non-Governmental Organisations. For a company, the documentation includes the certificate of incorporation, a copy of CR14 form, tax clearance certificate, proof of residence, proof of address of the business premises, a copy of registration certificate, copies of memorandum and articles of association and a list of outlets.
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