If you’re wondering how you can transfer money from your InnBucks wallet to Ecocash or vice versa, you are not alone. Seamlessly transferring money between different wallets has been a dream for many small businesses in Zimbabwe. Recent developments suggest that this dream is becoming a reality.
Transferring money from Ecocash to Innbucks without having to withdraw is now possible. However, transferring from Innbucks to Ecocash is not yet available. The option is there in their mobile application, but it does not work. There is hope, as this may suggest they are working on it.
How to transfer money from EcoCash to InnBucks
You can transfer money from EcoCash to InnBucks following the steps below:
- *153*1*3*2*5#
- Enter your account number
- Enter the amount you want to send then #
Alternatively, you can use the EcoCash mobile application.
How to transfer money from InnBucks to EcoCash
Transferring money from InnBucks wallet to EcoCash is not yet as simple as EcoCash to InnBucks. You have to transfer the money in the following steps:
- Login to InnBucks account
- Click Send Money
- Select ZIPIT
- Enter the amount.
- Select the bank and account number.
- Wait until the money is transferred into your bank account.
- Login to Ecocash and select bank to wallet service.
It’s not yet known why InnBucks has not yet implemented that functionality. The option of EcoCash is available when selecting a bank, but it does not work.
We tried to reach them via WhatsApp but we did not get a definitive answer.
How important interoperability of mobile money in Zimbabwe is very important.
Financial Inclusion
Mobile money has revolutionized financial inclusion in Zimbabwe, bringing financial services to millions who were previously unbanked. Interoperability allows users to seamlessly send and receive money across different mobile money platforms, regardless of the provider they use. This expands the reach of financial services and empowers more people to participate in the formal economy.
Economic Growth
EcoCash and InnBucks are the two biggest mobile money operators in Zimbabwe. Interoperability facilitates trade and commerce by making it easier for businesses and individuals to transact with each other. It reduces the cost and complexity of withdrawing first and then depositing again to a preferred mobile money account. This can stimulate economic growth and create jobs.
Increased Competition
Being able to send back and forth between mobile money services can increase competition among mobile money providers. This leads to better services, lower fees, and more innovation. This can ultimately benefit consumers.
Government Efficiency
Interoperability can help governments collect taxes and deliver social services more efficiently. For example, pension payments can be easily and securely distributed to beneficiaries using mobile money.
Frequently Asked Questions
The two platforms have different charges. EcoCash does not charge you to transfer money from a wallet to a linked bank. InnBucks also does not charge a transaction fee when receiving money from EcoCash. So transferring from EcoCash to InnBucks or vice-versa is free.
However, on the case of transferring InnBucks to EcoCash, there is a catch. Since InnBucks does not yet transfer to EcoCash directly and you have to go through a bank, the charge depends on whether the bank has transition fees or not. Most banks have a transition fee that ranges from 1.5% to 5%.
The short answer is yes. You can send from EcoCash, but InnBucks has not yet added that feature. You have to send from InnBucks to Bank then to EcoCash.
Leave a Reply