Mobile money services providers in Zimbabwe keep growing in number. The other day we discussed O’mari, the latest offering from Old Mutual. In a way, this is healthy because it creates much-needed competition. This results in mobile money service providers refining their services. This also has customer-centric implications, e.g. increased affordability and convenience. Today we shall look at two notable mobile money services providers in Zimbabwe. These are InnBucks and EcoCash. I have sometimes noticed or heard some people wondering how the two fare against each other. Let us closely look at that today.
InnBucks Versus EcoCash: Birth And Evolution
EcoCash was officially launched in September 2011. InnBucks was officially launched in November 2021. This is roughly 10 years apart. The way InnBucks and EcoCash started are different. EcoCash started as an obvious money-sending service. InnBucks started as a customer loyalty programme for selected Simbisa brands. You can check out this article: InnBucks: Zimbabwe’s Ultimate Loyalty And Rewards Programme. The buy for a friend or family (BFF) feature became more popular.
It became more popular in that customers were using it to send money. InnBucks thus had to pivot. You might recall that at some point, there was a cessation of InnBucks operating as a money transfer service provider by the RBZ. Later, they did the needful and 4 months later, they were officially registered as microfinance banks. They have even changed their menu to reflect that they offer mobile money services. EcoCash did not necessarily pivot over the years but added more services – after all, they were the pioneer in Zimbabwe.
InnBucks Versus EcoCash: Agent Network
Regarding mobile money services, a service provider’s agent network matters immensely. Customers want to enjoy the convenience of cashing out almost anywhere. Not only that but more importantly, without having to queue is the major issue. Looking at InnBucks and EcoCash is interesting. Both have what you can term a wide agent network. However, there are some differences.
Effectively, with EcoCash, you can cash out from more places faster. InnBucks is, in principle, available at any Simbisa ‘Inn’ brands outlet. However, you rarely get to enjoy fast service – you are mostly bound to a queue. There is also a downside where no Simbisa brand outlet means you cannot access InnBucks services. However, EcoCash has many individual agents, merchants, EcoCash shops, and more that constitute its agent network.
InnBucks Versus EcoCash: Service Range
Both do have considerably wide service ranges. However, EcoCash far eclipses InnBucks. You can pay for more products or services with EcoCash than with InnBucks. Of course, InnBucks can work on this, but it will take lots of work. I feel InnBucks has lots of potential to keep widening its services range. At least for now, you can purchase airtime and data with InnBucks.
InnBucks Versus EcoCash: Speed Of Service Delivery
This is an aspect mainly anchored in how efficient the respective system is. For EcoCash, it is largely a USSD menu that customers use. The same does apply to InnBucks, but InnBucks also has a mobile app. Regardless it seems many people do not use it or even have it. Thus, both service providers’ customers mainly use the USSD menus. There is a huge difference between the speed of the two’s systems. Personally, just judging from the times I have used InnBucks services, it takes much longer.
The last time I used InnBucks to cash out money, it took me roughly 30 minutes. That was after having stood in a queue for more than an hour. Compare that to the last time I did an EcoCash USD cash out. The transaction took less than 5 minutes, and I did not have to queue since I had more options for where to cash out. The bottom line is that the InnBucks system is mostly quite slow. Plus, it is often down too often. Messages like the below are typical from InnBucks:
‘Dear Customer, we apologize for the intermittent system downtime you may be experiencing. This is due to extended network downtime on our mobile network operator. Any inconvenience caused is sincerely regretted.’
Now, I understand InnBucks is largely the victim there because their system performance is a function of the mobile network operator (MNO) in question. Regardless it does disadvantage them in a big way. Think of this: they mostly rely on an MNO from a direct competitor’s camp. That is an interesting scenario when you come to think of it. The same argument the banks had when Ecocash set up shop.
InnBucks Versus EcoCash: Transaction Charges & Limits
Our comparison cannot be complete without exploring the transaction charges.
| InnBucks | Ecocash | |
| Cash Deposits | Free | Free |
| Cash Out | 2% | 1.7% |
| Maximum Account Balance | US$500 | US$5000 |
| Maximum Sending At Once | US$250 | US$500 |
| Maximum Sending Monthly | US$1000 | US$5000 |
| Change Deposits Cap | US$5 | |
| Sending Charges | Charge | 3.3% |
| Below US$5 | 1% | |
| US$5+ | 3% |
Both InnBucks and EcoCash can be convenient, given your circumstances. They both even have WhatsApp chatbots. There is Thembie (+263777222150) for EcoCash and Zeek (+263781331731) for InnBucks. However, InnBucks still has a lot of catching up to do. It is great that there is competition, and customers do benefit from those dynamics. What is your take on InnBucks versus EcoCash? Which one do you prefer and why? You can also cite some suggestions or recommendations for both of them. Kindly share your sentiments in the comments below.
Innbucks all the way, Ecocash no longer have agents in close proximity, You are also guaranteed cash with Inn bucks,
Aah Innbucks is slow, and the system is down most of the times. But I’m sure there’s room for improvement. On the issue of agents, I would like to disagree, eco cash no longer has a lot of agents like they used to have.
Great article here man, as a service user i prefer ecocash to innbucks for a number or reasons, ecocash has many cashout outlets i can use without the hustle of waiting in a queue and also they’re customer service is top notch, if i have a problem they respond quickly even on whatsApp but Innbucks yooh i did sent them a chat on they’re chatbot, up to now they’ve responded, I guess their bot doesnt work actually.
We’ll give then tine to grow and become efficient enough,but Ecocash imboma Sahwira.
update your article, the charges of innbucks $1 a month