17 March 2018
Harare: Mnangagwa, Ramaphosa meet
ZRP chief’s hubby accused of sex abuse
High Court bars Khupe from MDC-T offices
Mugabe must accept its over: Jap scholar
Chamisa backs doctors' strike, visits hospital
Bulawayo: Nurses join doctors strike
Go home, Mpofu to Zim refugees in Bots
SA authorities: Zuma to be prosecuted
Anxiety as ED to name looters Monday
SA mining companies Zim wriggle room
Jesus Christ writes to Oprah Winfrey
Trump sues pornstar ex-lover for $20m
Soccer: Premiership action resumes
Chicken Inn says ready for Dynamos
A riposte to President Mnangagwa’s NYT ‘lies’
Glimmer of sunshine in Zimbabwe
Unpacking Mugabe’s Khupe overtures
UK immigration: Nursing, teaching jobs
EcoCash has changed lives: Steward Bank

20/03/2014 00:00:00
by Humanipo.com
Econet allays fears, says EcoCash secure
Econet in new mobile money product
Govt says it trusts Masiyiwa’s EcoCash
Each EcoCash transaction now taxed
Firms can now pay wages via EcoCash
EcoCash to start lending, like banks
No legal framework for mobile banking
New EcoCash service embraces ‘unbanked’
EcoCash undergoes multi-million expansion
EcoCash looks to treble SA remittances
Econet: The standard for value creation
Econet slashes money transfer fees
EcoCash: banks must diversify or die
Mutambara raps banks over EcoCash
Stanbic bank joins EcoCash service
Econet lashes CABS, Old Mutual
Gono rejects banks pressure on EcoCash
Investors to buy shares using EcoCash
CBZ Bank joins EcoCash

ECOCASH has changed people’s lives since its launch, which was prompted by the complete distrust of the country’s banking system, according to Steward Bank head of mass banking Francis Matsekesa.

Speaking on the second day of Africa’s Payments, Banking and Retail Show 2014, Matsekesa said EcoCash was a necessary innovation against a countrywide background of disappointment in the financial services sector.

“We had to really follow the people to where they are using mobile. We had to offer this innovation,” Matsekesa said.

“The 103 per cent mobile penetration in Zimbabwe provided good breeding ground for EcoCash to tap into,” he said, particularly combined with the speed, security and cost problems surrounding traditional means of transferring cash.

However, the service provider never anticipated the scale of EcoCash’s uptake across Zimbabwe, and did not expect it to have such an impact.

“No-one really thought it was going to become a fully-fledged ecosystem,” Matsekesa said, noting that the service gained one million subscribers in its first six months, with 3.2 million subscribers using the network to date.

“It has become a way of life. Without EcoCash, I don’t know where a lot of Zimbabweans would be,” he said. “It has really transformed lives.”

Matsekesa said the system has had a particularly large impact on informal sector workers, and has changed the way people transact amongst each other on the ground.

It has also transformed payment of public transport and solved the associated problem of shortages of change.

According to Matsekesa, the key to the mobile money service is that it holds real potential in solving the issue of financial exclusion – a key development goal in the country – as its simplicity allows for roll out in even the most rural locations.

“We believe leadership in innovation has to transform lives which will translate into financial inclusion.”


Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it






Face Book



comments powered by Disqus
RSS NewsTicker