One wallet posts massive loss as Ecocash flourishes

Government owned mobile phone operator NetOne generated a paltry US$1 194 in revenue from its mobile banking platform One Wallet for the year ending December 31 2012 after investing close to a quarter of a million dollars in the product.

This translates to a mere 0.005% return on investment for the country's oldest mobile operator, according to an audit report on state enterprises and parastatals prepared by Auditor and Comptroller General Mildred Chiri.

Revenue of US$1 194 was earned from the One Wallet product for the year ended 2012. The cost of implementing this product was US$225 867 and the return on investment thereof was 0.005% in 2012.

Chiri recommended that the mobile operator increases the catchment of the One Wallet product to other dealers and enable the transferability of funds across other networks.