EcoCash at the centre of fintech adoption in Zim
FOR the past two years, the coronavirus pandemic has accelerated the digitisation of everything from online grocery shopping and remote working, to education in virtually every country in the world.
In Zimbabwe, financial technology firm EcoCash Holdings Limited, formerly Cassava Smartech Zimbabwe, is at the centre of accelerating the adoption of digital tools that are creating a more inclusive economy and more resilient communities.
Through its mobile money platform EcoCash, the group is playing a critical role in helping micro, small and medium enterprises, supporting financial inclusion in developing markets, and reducing the risk of coronavirus infection associated with exchanging physical cash during the pandemic.
Eddie Chibi, the listed group’s chief executive, said EcoCash was more than a digital form of cash as it encapsulated an ecosystem of use cases which had revolutionised the way the financial sector operated in the country.
“Our financial inclusion model has positively contributed to the reduction of poverty and inequalities in the country, providing financial solutions to rural communities, to women and the youths in Zimbabwe,” he said.
“Our integrated platform offers a range of mobile financial services, which are tailored to suit a wide segment of target markets, including the banked, unbanked and underbanked customer segments.”
Zimbabwe’s largest mobile money platform offers a wide range of services from peer-to-peer transactions, merchant payments, nano-credit, investments (bonds and equities), international remittances, card-to-wallet linked transactions, banking services, and micro-savings for individuals or groups.
Chibi said the award-winning EcoCash, widely considered one of the best mobile money services in the world, allows customers to perform simple financial transactions from their mobile devices.
“An important pillar within the sustainable development goals (SDGs) is the bridging of the digital divide to ensure inclusion. EcoCash serves this pillar as a platform where electronic payments are synonymously referred to as ‘EcoCash’ in Zimbabwe,” he said.
“In terms of driving inclusion through digital solutions, EcoCash is enabling customers to safely transact in the middle of a pandemic through contactless transactions. EcoCash allows customers to transfer money and engage in other financial transactions with minimal physical contact, helping mitigate the spread of the novel coronavirus.”
During national lockdowns, life continued as usual for most people in Zimbabwe as they were able to buy electricity tokens, airtime and conduct online shopping in the comfort of their homes using EcoCash. In the past year alone, the ubiquity of EcoCash allowed the government, non-governmental organisations and people living in the diaspora to reach the recipients of financial transmissions with the least transaction friction possible.
Chibi noted that EcoCash did not only provide a tool to transact, but also opened customers to a whole world of mobile commerce, where they might not have had an opportunity to buy and sell on a large and transparent business platform.
The only requirement to use EcoCash is a basic mobile phone.
Users can carry out financial transactions, including making peer-topeer transfers, bill payments, in-store purchases, remittances and receiving social programme benefits across mobile money accounts.