EcoCash, the mobile money service from Econet Wireless first entered the Zimbabwean financial services space in 2011 and since then has had a steady growth in users and transaction volumes. This has turned it into the largest local finanical services platform.
Mahindra Comviva, the technology services vendor and Econet’s technical partner in the introduction of EcoCash recently produced a video showcasing EcoCash’s role in financial services. EcoCash is powered by the Mobiquity Money platform which is provided by Mahindra Comviva.
The video gives an overview of the services that have been launched off the EcoCash platform since it’s initial Peer-to-Peer money transfer proposition, to the more recent services like its NFC payments offering as well as the role it has carved out as a virtual bank through services like EcoCash Save.
EcoCash has 5 million users and according to a 2015 report from the telecoms regulator POTRAZ, it accounted for 98% of mobile money deposits. In Econet’s 2015 financial report, EcoCash was recorded as having handled $5,5 billion worth of transactions and contributed 8% towards Econet Wireless Zimbabwe’s revenue.
You can watch the Mahindra Comviva video below.
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10 comments
How easy it is to make statements that are totally false.
I moved money via means other than bus companies well before Ecocash, more than that my old means are still cheaper than Ecocash who rip the sender and receiver off!
#EconetPropagandaArticle
Fantastic Zimbabwean success story. Thanks Ecocash. 🙂
Hahahah … people or who …… still wants to put negative comments in such beautiful video …… I cancel all …. Long Live EcoCash …. Long Live Zimbabwe…… God Help us to grow and get rid of hatters with negative attitude. I want to see Zimbabwe going north in 2016….. Amen
Let us give credit where it is due. Econet and Ecocash have in a major way transformed the way financial transactions are done in Zimbabwe. My prayer is that more innovations will be on the way.
Banks and other mobile phone companies were pressing the RBZ to be enabled access to the Ecocash platform which Econet pioneered without paying any premium for it. Is this not enough evidence that the introduction of this product was indeed a game changer?
Viva Masiyiwa and his team. Do not be bothered by the pull him down syndrome. Go ahead and target greater market share, efficiency and ultimately lower prices to the users.
Agreed 100% and lets not forget real people on ground like COO and the CTO in that clip who did those efforts and ensure there work gets on to Zimbabwe progress path.
love it or hate it, Ecocash works and you cannot take anything away from that. Great work guys. We have to give props where props are due, even if there was a hint of sensationalism in the video.
They are making sure investment does come in the direction of Zimbabwe, because not only are they worth investing the country they operate in is worth investing in.
On Financial inclusion, EcoCash has truly stepped up to bank the masses, no doubts! Thank you so much Econet for the amazing effort!
However, as developer’s we also need a more open EcoCash API, for us to offer more value to the consumers and unlock the true potential of mobile money.
Hats off to efforts by third party system like Paynow and Pay4app for giving developers something to work with in the interim, but an open and more accessible API from Econet would not only be cheaper for the consumers and developers involved, it will also be able to do more, think a PayPal like API for EcoCash!
I am sure we will get there, Strive Masiyiwa is a very enterprising and innovative investor. But before then, we will think of and use workarounds whilst we await for this much needed access.
Sir, where can I access basic statistics on Ecocash the likes of some of the ones narrated in that video, im researching on Ecocash’s financial inclusion
Mr Nigel Gambanga can I have your email address, that one on top ”@nigelrtg” I tried to mail but the domain couldn’t be found. Your report seems to be of useful facts in my research, im a NUST finance student doing a dissertation on Ecocash’s financial inclusion.