EcoCash most competitive mobile money option, survey finds

In the competitive mobile money landscape in Zimbabwe, EcoCash has emerged as the most cost-effective option for users, charging a total of only 4% in combined transaction fees, compared to rivals such as InnBucks and Mukuru, which charge 5%.

The finding contradicts a commonly held perception in the market, that EcoCash’s transaction fees are higher than those of other mobile money platforms.

A recent survey conducted by this publication reveals that sending US$100 using EcoCash incurs a fee of US$4, consisting of a 1.3% transaction charge, 1% government tax, and 1.7% cash-out charge.

In contrast, sending the same amount through InnBucks costs US$5.

The difference becomes even more pronounced for larger transactions.

Sending US$1,000 using InnBucks costs US$50 while doing the same on EcoCash costs only US$40.

Mukuru, another money transfer platform, also charges higher transaction fees than EcoCash. Sending US$100 using Mukuru costs US$5, while sending US$500 incurs a fee of US$25.

In addition to its lower transaction fees, EcoCash offers a clear advantage to customers who receive US dollar remittances into their EcoCash USD wallet from family and friends in the diaspora through WorldRemit.

These enjoy free cash-outs.

While EcoCash’s 4% transaction fees are comparable to those charged by NetOne’s OneMoney and Telecel’s Telecash, EcoCash’s wider network of merchants makes it more accessible and convenient for users.

EcoCash merchants include all major retailers such OK, PicknPay, Bon Marche, Farm and City, KFC and more, where EcoCash users can make USD as well as ZWL payments.

In addition, EcoCash users can also make USD dollar and ZWL Zesa payments and USD online payments for DSTv and several other service providers.