How did the mobile money service come to be in such a dominant position?

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Description

EcoCash is Econet’s mobile money solution which is the leading such service in Zimbabwe by a long shot. They have turned the mobile payments race into a one-horse race with a commanding 97.2% market share.

To the masses, the word ‘EcoCash’ is synonymous with ‘making a mobile payment.’ It is used as a verb in sentences like, ‘I will EcoCash you the $100 by nightfall.’

In this write-up we will be looking at how EcoCash came to be in that dominant position. Whilst luck has its role in business, it is not enough to gain and sustain a leading position. There were major differences in key strategic decisions made by EcoCash and those made by the competition which led to this state of affairs.