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Business Reporters—
MOBILE phone operator, Telecel, has introduced a free money transfer service through its Tele-cash facility as it moves to attract an increased client base.
Telecel spokesperson Francis Chimanda told Business Chronicle the slashing of charges on Tele-cash transactions came into effect last Friday. “The review of Tele-cash charges came into effect last Friday, 22 August 2014. It is not a promotion,” he said adding, “Telecel will always continue to provide best value for money to our valued customers and this move is a confirmation of such.”

Chimanda said registered Tele-cash subscribers were now able to transact any amount free of charge.
“No matter how much money is being sent as long as the customers are registered the service is absolutely free. This is the first time anyone using a mobile money service has been able to send money to someone else free of charge,” he said.

Before the removing of the transaction charge, sending an amount of $50 to $75 to a registered customer cost $1,24 while sending the same amount with Eco-cash costs $1,54.

“This development brings real value to Tele-cash subscribers as they now can send money for free. There is no charge at all for sending money to a registered Tele-cash subscriber. Cash-in is free. Non-registered cash-out is free. This is a first in the market and a shift in the mobile money business,” said Chimanda.

Recently, Telecel launched a golden debit card which enables all Tele-cash account holders to make transactions on all Zim-Switch point of sale terminals and make withdrawals from all Zim-Switch Automated Tele Machine (ATM) facilities.

The debit card, named Tele-cash Gold Card, allows Tele-cash account holders to make water, electricity and Dstv payments.
Telecel mobile financial services head Nkosinathi Ncube told a gathering in Masvingo the mobile firm was targeting integrating the debit card with international payment options such as Visa Card and Master Card.

“We have since opened up to other businesses and our initiative has been received well. We are presently working with CBZ to introduce the service with other financial firms being included through the Zim-Switch platform,” said Ncube.

In a bid to keep pace, Econet’s mobile money service, Eco-cash, last month partnered with Master Card in an agreement set to increase financial inclusion through the provision of electronic payments.

Debit cards offer insurance that removes the burden of carrying cash. If a wallet is stolen, an account holder can be rest assured that the money in the account is safe.

Debit cards can be used for online transactions and at most ATMs allowing consumers to easily make purchases online and gain instant access to their cash as needed.