Government sets new law which allows EcoCash, Telecash & OneMoney users to easily send each other money

EcoCash Telecash OneMoney

The government has set in place a law that forces EcoCash, Telecash, OneMoney and other payment processors to be interoperable. A section from a recently released Statutory Instrument read:

It shall be mandatory for every money transmission provider and mobile banking provider shall be connected to a national payment switch, as shall be directed by written notice by the Reserve Bank from time to time that enables interoperability of payments systems and services

“Interoperability” will allow EcoCash, Telecash and OneMoney users to be able to send money to each other without a hussle – which is the perfect use case of interoperability.

Many people have been yearning for this functionality but the mobile money operators have been dragging their feet to implement it. Now thanks to the All-mighty government, mobile money operators will implement it whether they like it or not.

As to when people can actually start to send money from, say, EcoCash to OneMoney, its not yet known because financial institutions (including mobile money providers) have yet to build and install the infrastructure for this functionality, which can take some months.

For purposes of connecting to the national payment switch in terms of subsection (1) every money transmission provider and mobile banking provider shall install, deploy or commission such infrastructure and connection protocols, credentials and documentation necessary to enable integration with any recognised payment system in terms of the National Payment System Act.

Details concerning how interoperability will work are still fuzzy as the regulator, the Reserve Bank of Zimbabwe, hasn’t said any word about it. But you can rest assured that we will be able to send money between EcoCash, OneMoney and Telecash.

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