Ecocash US$ transactions grow six-fold

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By Alois Vinga

TOP mobile financial technology platform, Ecocash US$ transactions grew sixfold on the back of aggressive management strategies which also effectively expose the greenback’s high usage in the economy.

Presenting a trading update for the period ended November 30 2023, Ecocash Holdings Zimbabwe Limited (EHZL) group company secretary, Charmaine Daniels expressed satisfaction over the growth levels reached.

“EcoCash, the mobile money business, continues to sustain an upward trend in growth on its USD Wallet services. Customer activity surged significantly, compared to Q3, FY23 performance. Transaction volumes experienced a six-fold increase, on the back of increased wallet funding,” she said.

She said the strategic emphasis on expanding the mobile money distribution network is proving successful and has resulted in improved accessibility for customers as the footprint has increased by 29% since last quarter.

The unit’s third-quarter revenue grew by 82%

“The banking services division, Steward Bank, has observed considerable growth in the adoption of USD banking services. Notably, VISA transaction values, USD loans, and FCA accounts all recorded over 35% growth, compared to Q3 FY23 performance,” Daniels said.

During the quarter, the Bank introduced the VISA Globetrotter II card, an enhanced version of the existing VISA card. This upgraded card features contactless functionality, enabling faster payments and seamless compatibility with international payment platforms. Revenue for the quarter increased by 55% compared to the prior year.

EcoSure, the life insurance business, grew its presence in rural areas through strategic partnerships prompting the unit to increase its geographic footprint by extending services to these regions driven by the strategy to bring insurance services and convenience closer to the people to ensure enhanced service to our customers including those in marginalised communities.

Overall, the business recorded sustained growth in volumes across its other business segments, in particular On-Demand Services and HealthTech which resulted in a 166% growth in revenues.

Added Daniels, “We will continue to invest in our technology infrastructure and our people as we position ourselves to seize opportunities as they emerge in the market. We are optimistic about the future and remain dedicated to driving innovation and growth in the Digital Financial Services landscape.”