How to Send EcoCash to Other Banks or Mobile Wallets in Zimbabwe

In today's digital economy, the ability to move money seamlessly between different financial platforms is essential. We have noticed that many Zimbabweans are unaware that EcoCash, the country's leading mobile money service, offers the capability to send funds directly to bank accounts and other mobile money platforms.

When EcoCash first launched, its functionality was limited to transfers between EcoCash users only. However, this changed when the Reserve Bank of Zimbabwe (RBZ) intervened and mandated mobile money interoperability across all platforms. This regulatory move was designed to create a more inclusive financial ecosystem and reduce transaction barriers for consumers.

Today, EcoCash utilizes the ZimSwitch Instant Payment Interchange Technology (ZIPIT) platform to facilitate transfers outside its network, enabling users to send money directly to bank accounts and competing mobile money services.

Step-by-Step Guide

Sending EcoCash to Bank Account

Here's how to transfer funds from your EcoCash wallet to any bank account:

1. Dial *153# on your mobile phone
2. Enter your EcoCash PIN/password
3. Select Option 1: "Send Money"
4. Select Option 3: "Send To Account"
5. Select Option 1: "Send to Bank"
6. Choose the recipient's bank from the list of available banks
7. Enter the recipient's account number
8. Add a reference for the transaction
9. Confirm the transaction details and complete the transfer

Sending EcoCash to Other Mobile Money Wallets

To send money to users of other mobile money platforms:

1. Dial *153# on your mobile phone
2. Enter your EcoCash PIN/password
3. Select Option 1: "Send Money"
4. Select Option 3: "Send To Account"
5. Select Option 2: "Send to Mobile Money"
6. Choose the destination mobile money wallet (OneMoney, Telecash, InnBucks, MyCash, or Omari)
7. Enter the recipient's mobile number registered with that service
8. Add a reference (optional)
9. Confirm the transaction details and complete the transfer
10. 
    

Using the EcoCash Mobile App

For smartphone users, the EcoCash mobile application offers a more convenient way to transfer funds:

1. Log in to your EcoCash app using your PIN
2. Tap on "Send Money" on the home screen
3. Select "Send to Account"
4. Select the specific bank or mobile wallet service
5. Enter the recipient's details (account number or mobile number)
6. Add a reference message
7. Enter the amount you wish to send
8. Confirm and submit your transaction

Transaction Fees and Limits

EcoCash applies a fee structure for these cross-platform transfers:

• Base transaction fee: 1% of the amount being transferred
• Intermediated Money Transfer Tax (IMTT): Additional 2% government tax

Users should note that these fees are deducted from the sender's account, not the recipient's. Additionally, daily and monthly transaction limits apply, in accordance with RBZ regulations.

Security Considerations

When making cross-platform transfers, Econet Wireless Zimbabwe, the parent company of EcoCash, advises users to:

• Keep their PIN confidential
• Verify recipient details before confirming transactions
• Save transaction confirmation messages for future reference
• Report any suspicious activities to the EcoCash customer service helpline: 111

As Zimbabwe continues its journey toward a cashless economy, understanding how to utilize mobile money services across different platforms becomes increasingly important. EcoCash's interoperability with banks and other mobile money services represents a significant step forward in financial inclusion and convenience for Zimbabweans.