Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has reassured subscribers who use mobile money platforms EcoCash, OneMoney and TeleCash that they will receive their money if any of the firms go under. Mandgudya revealed that the RBZ had amended the National Payment Systems Act to protect subscribers if any of the mobile money platforms or their parent mobile network operators collapse. Said Mangudya,
The National Payment Systems Act was amended to deal with what you are talking about. It is an old Act but we amend it from time to time so that we keep up with the trends. It challenges the RBZ to offer efficient, reliable and safe payment services to customers. We also do what we call risk profiling of these companies and definitely, it is our responsibility to ensure that, for instance, if Econet goes under, all the subscribers will get their money.
I get that DPC needs the names of the trustees in order to compensate and I can tell you that RBZ has the power to demand those names from MNOs and then forward them to DPC when the time comes.
More: The Zimbabwe Independent
EcoCash is a mobile money transfer facility which is run by Econet Wireless Zimbabwe. The facility has grown in leaps and bounds since its inception and is arguably the largest mobile money transfer agent considering the huge sums of transactions that the platform is said... Read More About EcoCash
OneMoney formerly known as OneWallet is a money transfer facility which is operated by a government telecoms company NetOne Zimbabwe. The facility runs on NetOne lines only and offers services such as Zimswitch-enabled debit card, money payments, mobile banking and airtime top-up. Read More About OneMoney
Telecash is a mobile money transfer facility that is provided by mobile network phone operator, Telecel Zimbabwe. The product offers great convenience to customers by allowing them to send money across all networks and make payments. When the product was launched, it was said that... Read More About Telecash