Overview
OneMoney is a mobile money platform operated by NetOne Cellular (Private) Limited, a state-owned mobile network operator in Zimbabwe. Launched in 2013, OneMoney is the second-largest mobile money service in Zimbabwe by user base, though it holds a distant second place behind EcoCash, which dominates the market with an estimated 90%+ share. OneMoney provides basic mobile financial services including P2P transfers, bill payments, merchant payments, and airtime purchases. Despite being backed by a state-owned operator with significant network coverage, OneMoney has struggled to compete with EcoCash's entrenched agent network and network effects. Exact user figures are not publicly disclosed, but OneMoney's active user base is estimated to be a fraction of EcoCash's 8 million+ registered accounts (unverified).
History
NetOne launched OneMoney in 2013, two years after EcoCash had already established market dominance. The service was positioned as a competitor to EcoCash, leveraging NetOne's mobile subscriber base -- the second largest in Zimbabwe. However, OneMoney's late entry meant EcoCash had already built an extensive agent network and captured the majority of mobile money users. NetOne's status as a state-owned enterprise introduced both advantages (government backing, regulatory relationships) and disadvantages (bureaucratic decision-making, political appointments to management, and periodic governance controversies). OneMoney has undergone several attempts at relaunching or repositioning the service, including efforts to improve agent coverage and introduce new product features, but none have significantly altered the competitive dynamics. The cash shortage period from 2016 onward provided an opportunity for growth, as all digital payment platforms saw increased usage, but EcoCash's head start proved insurmountable.
How It Works
OneMoney operates via USSD and a smartphone application. Users register at an authorized OneMoney agent with a valid Zimbabwean national ID and an active NetOne SIM card.
- Deposits (Cash-In): Users deposit cash at agent locations; funds are credited to their OneMoney wallet.
- Withdrawals (Cash-Out): Users withdraw cash from agent locations, subject to cash availability.
- Transfers: Users send money to other OneMoney users or unregistered recipients via USSD or the OneMoney app.
- Payments: Users pay merchants and billers through OneMoney merchant codes and bill payment menus.
The reliance on NetOne SIM cards limits OneMoney's addressable market to NetOne subscribers, who represent approximately 20-25% of Zimbabwe's mobile subscriber base (unverified).
Services Offered
Core Services
- Person-to-person (P2P) money transfer
- Cash deposit and withdrawal via agent network
- Airtime top-up (NetOne and cross-network)
- Account balance inquiry and mini-statements
Payments
- Merchant payments
- Utility bill payments (ZESA electricity, water, TV subscriptions)
- School fees and institutional payments
- Airtime and data bundle purchases
Other Services
- Salary disbursement solutions for businesses and government entities
- Bulk payment capabilities
- International remittance receipt through selected partnerships (unverified -- the scope and current status of international remittance partnerships are not well documented publicly)
(Note: OneMoney's product suite is narrower than EcoCash's. It does not offer the same range of savings, lending, or insurance products that EcoCash provides through its Cassava Smartech ecosystem.)
Financial Products
No financial products offered.
International Services
No international services offered.
Fees & Charges
OneMoney uses a tiered fee structure similar in approach to EcoCash, with fees based on transaction value.
- Sending money: Tiered fees based on transaction amount
- Withdrawals: Tiered fees at agent locations
- Bill payments: Transaction fees apply
- Merchant payments: Generally low or no cost to the consumer
OneMoney has periodically positioned itself as a lower-cost alternative to EcoCash, though the fee differential alone has not been sufficient to drive significant user migration.
(Note: Exact fee schedules are denominated in the prevailing local currency and change frequently due to Zimbabwe's currency instability. Verify current tariffs via the OneMoney USSD menu or NetOne communications.)
The government's 2% intermediated money transfer tax (IMTT) applies to OneMoney transactions, as it does to all electronic money transfers in Zimbabwe.
Regulatory & Licensing
OneMoney operates under a payment systems license issued by the Reserve Bank of Zimbabwe under the National Payment Systems Act (2001). As a state-owned mobile operator, NetOne's regulatory relationship with government authorities is complex -- it is both regulated by state institutions and owned by the state through the Ministry of Information Communication Technology, Postal and Courier Services.
OneMoney was affected by the RBZ's June 2020 temporary suspension of mobile money services, which applied to all operators, not solely EcoCash. The suspension and subsequent restrictions (including transaction limits) impacted OneMoney's operations alongside the broader market.
Infrastructure & Network
- Agent network: OneMoney's agent network is significantly smaller than EcoCash's. Exact agent numbers are not publicly available, but the network is estimated to be a fraction of EcoCash's 45,000+ agent points (unverified).
- USSD access: Available on all mobile phones with a NetOne SIM via USSD short code.
- OneMoney App: Smartphone application available for Android (unverified -- availability on iOS may be limited or intermittent).
- NetOne coverage: NetOne has nationwide coverage but its network quality and reach in rural areas has historically been perceived as inferior to Econet's.
The smaller agent network is widely cited as a primary barrier to OneMoney's growth. Mobile money agents serve as the critical cash-in/cash-out infrastructure, and users gravitate toward platforms where agents are readily accessible.
Market Position & Competition
OneMoney is the second-largest mobile money operator in Zimbabwe but holds a small minority share of the market. EcoCash's dominance -- driven by first-mover advantage, Econet's larger subscriber base, and a far more extensive agent network -- has been the defining constraint on OneMoney's growth.
OneMoney's competitive positioning has relied on:
- NetOne's government relationships and access to public sector salary disbursement
- Periodic promotions offering lower fees or zero-fee transfers
- Government encouragement of competition in the mobile money space
Despite these efforts, the network effects of EcoCash's dominant user base have proven difficult to overcome. Telecash (Telecel Zimbabwe) is the third operator but has been largely non-competitive due to Telecel's financial difficulties.
Ownership
OneMoney is operated by NetOne Cellular (Private) Limited, which is wholly owned by the Government of Zimbabwe through the Ministry of Information Communication Technology, Postal and Courier Services.
State ownership means OneMoney's strategic direction is subject to government priorities and political dynamics. Management appointments at NetOne are made by the government and have been subject to political considerations. NetOne has undergone several changes in CEO and board composition tied to shifts in Zimbabwe's political landscape.
Controversies
Governance and Management Instability
NetOne has experienced frequent management changes and governance controversies associated with its status as a state-owned enterprise. Multiple CEOs have been appointed and removed over relatively short periods, and the company has faced allegations of mismanagement and corruption at various points (unverified -- specific allegations and outcomes should be verified against court records and news reporting).
2020 Mobile Money Suspension
The RBZ's June 2020 suspension of mobile money services affected OneMoney alongside EcoCash and Telecash. While the RBZ's public statements focused primarily on EcoCash, the blanket suspension disrupted OneMoney's operations and users.
Limited Competitive Impact
Despite government ownership and implicit state support, OneMoney has been unable to meaningfully challenge EcoCash's market dominance, raising questions about the effectiveness of state-owned enterprises in competitive technology markets.
Agent Network Challenges
Building and maintaining an agent network sufficient to compete with EcoCash has been an ongoing challenge. Agent recruitment requires investment in training, liquidity management, and ongoing support -- areas where OneMoney has lagged behind its larger competitor.