Ecocash Reviews Transaction Charges Effective 21 September

Dominant mobile money service provider, EcoCash, has announced an upward review in transactional charges starting next month after obtaining the green light from regulatory authorities.

The company, which last reviewed its charges at the beginning of the year in January, said it will increase its charges effective September 19, 2021.

Tariffs for paying merchants

Transaction ValueOld tariffNew tariff% Increase
$1.00 to $9.99$0.89$0.934.5%
$10.00 to $19.99$1.45$1.524.8%
$20.00 to $29.99$2.06$2.164.9%
$300.00 to $39.99$3.17$3.479.5%
$40.00 to $49.99$4.19$4.190.0%
$50.00 to $74.99$5.69$5.690.0%
$75.00 to $99.99$7.53$7.530.0%
$100.00 to $149.99$7.61$8.9117.1%
$150.00 to $199.99$9.21$11.0019.4%
$200.00 to $299.99$10.41$12.4419.5%
$300.00 to $499.99$10.86$13.0320.0%
$500.00 to $999.99$33.79$42.1724.8%
$1 000.00 to $1 499.99$49.41$61.6625.0%
$1 500.00 to $1 999.99$70.72$84.8620.0%
$2 000.00 to $2 499.99$87.30$104.7620.0%
$2 500.00 to $2 299.99$103.43$124.1220.0%
$3 000.00 to $5 000.001.85%1.85%0.0%

These are just the EcoCash fees. From $300 onwards, consumers are taxed 2% of the transacted amount which adds to the overall cost of the transaction

Tariffs for sending money to other EcoCash users

Transaction ValueOld tariffNew tariff% Increase
$1.00 to $9.99$0.68$0.725.9%
$10.00 to $19.99$1.42$1.494.9%
$20.00 to $29.99$2.10$2.204.8%
$300.00 to $39.99$2.63$2.889.5%
$40.00 to $49.99$3.93$3.930.0%
$50.00 to $74.99$5.31$5.310.0%
$75.00 to $99.99$5.89$5.8915.0%
$100.00 to $149.99$8.01$9.3817.1%
$150.00 to $199.99$11.06$13.2219.5%
$200.00 to $299.99$13.52$16.1619.5%
$300.00 to $499.99$17.87$21.4420.0%
$500.00 to $999.99$34.43$42.9624.8%
$1 000.00 to $1 499.99$52.31$65.2924.8%
$1 500.00 to $1 999.99$73.48$88.1820.0%
$2 000.00 to $2 499.99$91.85$110.2220.0%
$2 500.00 to $2 299.99$110.21$132.2520.0%
$3 000.00 to $5 000.001.91%1.91%0.0%

These are just the EcoCash fees. From $300 onwards, consumers are taxed 2% of the transacted amount which adds to the overall cost of the transaction

Tariffs for bill payments

Transaction ValueOld tariffNew tariff% Increase
$1.00 to $9.99$1.03$1.084.9%
$10.00 to $19.99$1.44$1.514.9%
$20.00 to $29.99$1.76$1.855.1%
$300.00 to $39.99$2.46$2.699.3%
$40.00 to $49.99$3.37$3.370.0%
$50.00 to $74.99$4.68$4.680.0%
$75.00 to $99.99$6.17$6.170.0%
$100.00 to $149.99$7.76$9.0016.0%
$150.00 to $199.99$8.57$10.2519.6%
$200.00 to $299.99$9.75$11.6519.5%
$300.00 to $499.99$15.31$18.3720.0%
$500.00 to $999.99$31.25$39.0024.8%
$1 000.00 to $1 499.99$46.88$58.5024.8%
$1 500.00 to $1 999.99$65.00$78.0020.0%
$2 000.00 to $2 499.99$81.25$97.5020.0%
$2 500.00 to $2 299.99$97.50$117.0020.0%
$3 000.00 to $5 000.001.85%1.85%0.0%

These are just the EcoCash fees. From $300 onwards, consumers are taxed 2% of the transacted amount which adds to the overall cost of the transaction.

There was no immediate comment from the company on the price adjustment. The increase comes at a time the prices of goods and services in the country have been escalating despite the stability in the official foreign currency exchange rate since the beginning of the year.

The EcoCash tariff schedule made no reference to the ZW$5 000 daily transaction limit imposed on mobile money transactions in May 2020.

Although the monetary authorities last year promised to review the EcoCash weekly limit of ZW$35 000 “continuously, in line with the requirements and convenience of the transacting public”, there has so far not been any changes made to the transaction limits.

More: Techzim

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