By Alois Vinga
TELECOMMUNICATION mogul, Strive Masiyiwa’s Econet Group’s subsidiary, Cassava Smartech and its siter technology solutions company, Comviva have scooped the East Africa Com Award, under the “Changing Lives” category for the transformation and impact brought about by the EcoCash platform’s mobile money transfer service.
Cassava Smartech chief executive, Eddie Chibi expressed gratitude and vowed to keep working hard in improving efficiency for the transacting public.
“We are delighted to win this award for the second consecutive year and we are committed to constantly seeking out new ways to deliver innovative digital payment solutions which provide convenience to our customers.
“We hope to continue the good work and ensure the growth and prosperity of the mobile money ecosystem in Zimbabwe,” Chibi said.
Head of Africa Region at Comviva, Anil Krishnan described the recognition as a symbol representing the efforts invested in solving Zimbabwe’s financial challenges.
“This award validates our efforts in bringing innovative financial technology services to the forefront. Cassava’s EcoCash in Zimbabwe is one such service which has replaced cash and is helping in building a cash-light economy.
“Today, more than 80% of country’s adult population use EcoCash. The service has brought many financially-excluded people into formal financial ecosystem, increasing financial inclusion in the country from 38% to 80%,” said Krishnan.
The company’s mobile money transfer platform, EcoCash started with peer-to-peer (P2P) money transfer in 2011, bringing people using informal financial channels into the formal economy on the EcoCash network. It then introduced banking services such as EcoCash Save and Savings Club, promoting financial inclusion which helped in mobilising small-savings.
EcoCash partnered with banks for bank-to-wallet and wallet-to-bank transfers, corporate employers for salary payments for international remittance to accelerate cash inflows at a minimum cost.
By partnering with large, medium and small merchants, agents and billers, EcoCash expanded its acceptance network and digitised all major bill and merchant payments, including government payments, such tax payments and toll payments.