Few hours ago, as we had earlier on predicted, we witnessed first-hand the launch of an innovative partnership between Ecocash Diaspora and Chitoro. These two sub-divisions of the Econet Wireless Group will start providing mobile money transfer services by linking the Zimbabweans in the UK with their relatives and friends back home.
However, unlike what many people had predicted, Chitoro will only offer convenience to all those UK residents who would want to remit money back home but local Zimbabweans cannot send money outside as yet. This remains a very critical question which Econet Wireless and other Financial Operators must answer because the world is perceived to the myth that local Zimbabweans cannot offer financial support to relatives abroad.
This ceremony was graced by top officials across the industry, including the Deputy Governor of RBZ, Dr Mlambo, the Econet CEO Mr Douglas Mboweni, Econet Chief Operating Officer Mr Fayaz King, Ecocash General Manager Natali Javangwe, and the whole Board of Chitoro led by their Director Mr Haxton Rose. Also present were the members of the media, CABS and other directly involved stakeholders in the Financial Services industry.
Chitoro is fully licenced by the FCA (Financial Conduct Authority, UK) as a large Payments institution. They are authorized to provide money remittances in the UK and across Europe. Users are able to log onto their website www.chitoro.com where they can perform online payments and remit money it real time directly into ecocash accounts of their beneficiaries in Zimbabwe. The most exciting aspect of this initiative is that senders are able to track transfers, print statements, receive email and text message notifications.
Natali Javangwe, the Ecocash General Manager highlighted that Ecocash will continue to innovate new ways to help the Zimbabwe in accumulating foreign deposits. Through their parent telecom company, Econet Wireless, the two partners will see Zimbabweans in the diaspora finding it convenient to offer financial assistances to their beneficiaries back home without hustle. It should be clearly commented that Econet is now becoming the global chief pacesetter in reinventing new ways of making life easy through offering e-commerce services using their ever-growing telecommunications network.
Mr Haxton Rose later took the stage to highlight the benefits of using Chitoro for users in the UK, where they can remit funds at very low and affordable costs. He further explained the advantages rendered by their system to subscribers where they can do transactions with a 24/7 web support. Mr Rose also assured the user community that the system is built on a very effective security architecture that will ensure confidentiality when transacting.
It was quite a delightful scene we witnessed when the signing ceremony began by both parties penning their signatures and exchanging documents under the watchful eye of Dr Mlambo, Deputy Governor of Reserve Bank of Zimbabwe. The partnership was sealed by handshakes to the delight of the audience before the crowd dispersed and wondering what next is in store for us from this fiercely moving Econet Group.