NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Thursday, August 7, 2014

AS technological convergence redefines business models across nearly every industry, mobile telecommunications companies have shown a growing appetite for innovation in order to survive and thrive in a fast-paced and unpredictable environment. This year alone the country’s three mobile telecommunication companies Econet, Telecel and NetOne have launched a combined 12 new products in an attempt to increase revenue as mobile phone businesses go beyond just voice.

Telecel Zimbabwe last month launched its Telecash gold card, a debit card which can be used to pay for goods and services at any of the more than 5 000 ZimSwitch points of sale across the country. Announcing the introduction of the Telecash gold card, Telecel mobile financial services director Nkosinathi Ncube, said the debit card was a first from a mobile money transfer service provider.

The card can be used to pay for groceries, DSTV subscriptions, restaurant and hotel bills, and many other things. It can also be used to withdraw cash at ZimSwitch automated teller machines (ATMs). “Since we launched Telecash we have been looking at ways of broadening the offering. When we launched we started with only the basics such as sending and receiving money but now we are coming up with more functionalities,” said Ncube.