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  • Omari Wallet: A Promising Competitor to EcoCash

    Omari Wallet: A Promising Competitor to EcoCash
    Author
  • Washington Mkombodzi
  • Staff Writer
  • Posted Apr 24, 2024
  • Last week, I received a call from a client who wanted to send me money through the Omari wallet. Initially, I was hesitant because I didn't know much about it and wasn't sure if I could easily withdraw the funds. However, he assured me that I could quickly register on my phone, and within a few minutes, the money was sent. This piqued my interest in Omari, so I decided to research it further.

    Omari is a mobile wallet launched in 2023 by Old Mutual, one of the biggest companies in Zimbabwe. Knowing that Old Mutual was behind Omari gave me confidence that I could cash out the money. I searched online and found that Omari cashout and cashin is available at OK, Pick n Pay, Spar, CABS banks, and pharmacies – most of the places where EcoCash is available. To register and access Omari, you can dial *707# or download the mobile app. They also have a WhatsApp bot (0774 707 707) that allows you to register and access Omari's features.

    Omari has several advantages and features compared to its competitors. One significant advantage is that it is network-independent, meaning you can use any mobile line to register. You can send money to EcoCash or any bank through the Zimswitch network, which is currently not possible with EcoCash. Additionally, you can send money from your bank to Omari. Omari offers many functions we're accustomed to from other mobile wallets, such as buying ZESA tokens, purchasing airtime for all networks, paying merchants, and settling bills.

    With Omari, I have both ZiG and USD wallets. Each wallet has limits on how much I can transact per month. The maximum limit for ZiG is $2,400, while the USD wallet has a limit of $2,000.

    Interestingly, Omari also offers a virtual Mastercard, which is essential for me as I make many online payments. Online payments used to be difficult in Zimbabwe, often requiring a visit to the bank to deposit cash. With the introduction of EcoCash's virtual Mastercard and now Omari's virtual Visa card, this process has become much more convenient. While EcoCash's virtual Mastercard expires after one year, Omari's virtual Visa card is valid for five years. Generating the card costs 50 cents.

    Omari Visa Cards

    In addition to virtual cards, Omari also offers physical Zimswitch and Visa Mastercards, which can be obtained from CABS bank for $5 (with an ID required). The Visa card works worldwide on Visa ATMs and point-of-sale terminals, allowing you to make online payments as well. The management of these cards can be done through USSD or the mobile app, enabling you to easily activate or deactivate your card. This feature can be helpful if your card is stolen or if you're not using it, as you can instantly deactivate it rather than calling your bank.

    Currently, Omari is running a promotion where all USD transactions on the platform are free, with no cash-in or cash-out fees. If you receive $50, you can cash out the full $50. This promotion, which has been ongoing since February and is set to end in April, is a welcome relief from the high charges typically associated with mobile wallets in Zimbabwe (service provider charges plus a 2% government tax). It's worth noting that this promotion applies only to USD transactions and not ZIG transactions, which still carry charges.

    Omari has a well-designed and user-friendly mobile app that is easy to navigate. It has a better look and feel than the EcoCash app, and I haven't encountered any issues while using it. The app can be downloaded from the respective mobile app stores.

    As part of Old Mutual, Omari also includes insurance packages called FoodCare and SchoolCare. If you subscribe to these packages, Omari will provide food and pay school fees for your dependents in the event of your passing.

    Omari has entered the market well-prepared, providing a comprehensive and competitive mobile wallet experience. As more people learn about its features and advantages, Omari has the potential to change the mobile wallet landscape in Zimbabwe.

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