Published: 20 January 2014

Econet Wireless Zimbabwe is under pressure to revise its position regards to the opening up of USSD gateway amid indications banks are planning not to transact with its banking unit Steward Bank on the RTGS platform.

The mobile phone operator is currently entangled in a bruising feud with banks over its reluctance to entirely open up its network to allow them to roll out mobile money services to clients.

Econet argues that the gateway to mobile phone users is not the network, but its mobile money transfer service, EcoCash, which all financial institutions are free to use.

However, Econet, after discussions with the banks and the RBZ's National Payments Unit, following pressure exerted on Steward Bank, agreed to open up the USSD gateway to the banks using an agreement crafted under Bank Electronic Airtime Retail (BEAR).

The agreement laid out the conditions for opening up the gateway including transaction charges and settlement conditions.
- herald

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