Zimbos in SA can now send money home through Ecocash

The South African Reserve Bank (Sarb) now allows remittances into Zimbabwe using the EcoCash mobile money platform, Econet Wireless said late Thursday afternoon.

According to Fin24, the approval means that the EcoCash mobile money application now enables expat Zimbabweans working in South Africa to send money home. This money will then go straight into the mobile money wallets of recipients in Zimbabwe.

EcoCash has 3 million registered users in Zimbabwe and it is already in partnership with Western Union and MasterCard.

"EcoCash and its South African partners have finally secured approval from the South African Reserve Bank to start a cross border remittance service from South Africa," the company said Thursday.

It said the approval process had been lengthy, taking up to 18 months for Sarb to finalise licensing of the service.

The cross-border remittances using the EcoCash platform is now expected to be up and running by the end of July. Fin24