Econet unveils business wallet

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Phillimon Mhlanga

HARARE –Econet Wireless, has launched Ecocash business wallet, a dedicated wallet for business transactions.

Econet operates a mobile services strategic unit called Cassava FinTech, which has a pan-African agenda of providing innovative, transformational and efficient mobile financial services across Africa. Cassava FinTech caters for mobile money solutions such as EcoCash and micro-insurance segment EcoSure.

Speaking at the launch held in the capital held in the capital on Wednesday, Natalie Jabangwe, the Ecocash chief executive officer said; “The journey has been exciting and we always challenged ourselves to go beyond the scope of our territory. Today, we have refused to be limited to our scope and we are launching Ecocash business wallet. We are looking at retailers, agents, merchants, billers and payroll.”

Jabangwe said the minimum transaction is $1 and the maximum $500 000-00.

She said the business community was grappling with serious concerns including the need to move fundswithin 24 hours to finance other activities, pay employees and suppliers and the need to move funds with financial institutions.

Currently, the business wallet is linked to three banks, namely FBC, CABS and Steward Bank.

EcoCash was launched in 2011 and now has about 8 million customers and over 100 000 channel partners.

It has recorded exponential growth since its launch and to date EcoCash has more than 80 percent of the Zimbabwe adult population on the mobile money platform, most of whom were previously financially excluded.

Recent Postal and Telecommunications  Regulatory Authority of Zimbabwe and  the Reserve Bank of Zimbabwe‘s  quarterly reports show that mobile money transactions, of which EcoCash commands 98 percent market share, account for more than 81 percent of the volume of  Zimbabwe’s national payments transactions.

Currently, EcoCash transaction values approximate more than 60 percent of Zimbabwe’s gross domestic product.

The revolutionary EcoCash increased financial inclusion from 38 percent in 2011 to more than 70 percent to date.