Telecash

Affordability, Interoperability and other Features

One of the most talked about features of telecash was it affodability which was described by many commentators as healthy for the industry which could actually force other players like EcoCash to lower their charges. The coming in of telecash was also hailed as a positive move because unlike EcoCash, telecash allowed people that were not even on the Telecel network to receive money from Telecel subscribers.^[1] The telecash platform also allowed subscribers to be able to make bulk payments from the comfort of their offices.

Products

Bill Payments

The platform allowed people to make their bill payments through a bills menu to service providers such as DSTV, Insurance Companies and the Harare City council^[1]

Bulk Payments

Customers are also able to make bulk payments to their employees without necessarily having to go to the bank

Telecash gold card

The telecash gold card allows telcash customers to make purchases in the country which was a welcome relief considering the problem with getting small denominations change.

Airtime Purchase

Telecash also allows it subscribers to buy airtime for themselves as well as for others who are also on the Telecel network

Commenting on the introduction of Telecash, Telecel Mobile Financial Services DirectorNkosinathi Ncube

They can receive, deposit and draw money without having to travel long distances to a bank. They can pay for goods and services without having to keep unnecessary amounts of cash on their persons. The bulk payments schedule can be uploaded, checked and authorised. There is no need to travel anywhere. Moreover the files can be run even at midnight. Telecash is very easy and simple to use, convenient, secure and above all competitively priced. It is also fast. Transactions conducted on the telecash platform are almost instant. We are taking advantage of infrastructure that is already there, which means utilising existing supermarkets, service stations, post offices and other outlets as agents or merchants. We are looking at having at least two agents at every key shopping centre or business centre in the country.^[2]

The spending limit per transaction US$500 and US$1000 per day while the transaction limit per month was US$5000.^[2]

Tension With EcoCash

Although telecash came in the business of mobile money transfer well after EcoCash had been launched, there have been various cases of alleged tansion and hostility between Telecash and EcoCash. In late 2014 it was speculated that Econet had made several attempts to lure employees working for Telecash by offering them double the amount of money they were being given by their employers. In the alleged case, it was reported that Econet was dangling double pay offers to software developers working on the Telecash platform.^[3] "Impeccable" sources at Telecel were said to have claimed that some of their employees were already tendering in their letters of resignation with the intention of leaving Telecash for greener pastures. Telecel was also said to have done the same move on Econet when they managed to scoop three of Ecocash's employees. Tendai Chirokote who was head of application development with Econet crossed the great divide and went to join Telecel as as the IT director while Isaya Clever who was brand manager corporate left Econet to head Telecel services.

Agents War with EcoCash

Telecash was locked in an agents war with EcoCash but Telecash won the war after the Reserve Bank ruled that mobile money agents should not enter into exclusive agreements with individual mobile cash payment system operators, saying the move was meant to curb monopolies in the sector.^[4] EcoCash had been refusing to share its agents with Telecash but was eventually forced to comply by the RBZ. RBZ national payments system senior executive James Mutepfa highlighted that

exclusive agent agreements had adverse effects on competition and could not be detrimental to the smooth operation of cash payment systems in the country^[4]

References