Cellphone firms, banks join hands to lure customers

This, however, comes at a time when Zimbabweans are very disgruntled about the poor network, which is congested and expensive. Econet, led by Douglas Mboweni, is currently Zimbabwe’s leading network operator with more than five million customers to its credit. It has teamed up with due diligence mogul Tawanda Nyambirai’s TN Bank Limited (TN), which recently took over the Pelhams Group of companies in Zimbabwe.

Telecell (Zimbabwe) (Private) Limited has among its major shareholders Jane Mutasa and other war veterans. This network operator has joined hands with Kingdom Bank Limited (Kingdom), currently led by Lynn Mukonoweshuro. She is Chief Executive of Kingdom Financial Holdings Limited (KFHL) founded by banker Nigel Chanakira.

Kingdom fell on hard times last year and had to go cap-in-hand to its sister firm, Meikles Africa Limited (MAL) before the rocky marriage ended in a nasty divorce with Chanakira and John Moxon going at each other’s throats due to differences emanating from an investment in South Africa.

Chanakira has since been shown the exit door at Meikles Africa Limited (MAL) and is struggling to regain control of his original financial empire. Kingdom borrowed about US$35 million from MAL to recapitalise its struggling operations dotted around Zimbabwe.

It could not be independently established whether in fact Chanakira has repaid the cash his bank borrowed from Moxon’s firm.

Kingdom and Telecel have what is known as “Skwama”, a mobile banking facility for customers, which allows them to receive money 24 hours a day, check their accounts and buy air time using their cell phones. They can also pay bills.

The third network operator is NetOne (Private) Limited, totally owned and controlled by government. It is currently led by Reward Kangai who worked at the Post and Telecommunications Corporation (PTC). NetOne has teamed up with FBC Bank Limited, a subsidiary of First Banking Corporation Limited (FBC), which is listed on the Zimbabwe Stock Exchange (ZSE).

The two have a facility known as “OneWallet” under which customers can also send and receive cash anywhere in and around Zimbabwe.

NetOne controls Zellco (Private) Limited, CST (Private) Limited and Firstel in Zimbabwe. “OneWallet” enabled customers to send and receive cash, top up airtime and pay NetOne bills using the cell phone – similar to what Kingdom Bank and Telecel are doing. Customers interviewed said they felt these facilities could help improve service delivery in Zimbabwe at a time when virtually everyone had lost hope on the three network operators in the country.

FBC Banking Corporation Limited is currently led by Livingstone Gwata as Chief Executive, while FBC Bank Limited is led by John Mushayavanhu, the Bankers Association of Zimbabwe (BAZ) President.