Econet has announced that their mobile payment solution, EcoCash, has processed $23 billion in the last 5 years. EcoCash was launched in 2011, back there was no cash crisis and no banks had integrated with it. So it was just used by very few people to send each other money.
Fast forward 3 years later to 2014, the company had invested more into their system in order to grow it. By then, they had processed 170 million transactions, created 30 000 jobs through new products like EcoCashSave, and grown their subscriber base to over 1 million. EcoCash also announced that year that they had processed over $4 billion in transaction.
Now 2 years later, the services offered by EcoCash have expanded to savings, bill payment, bulk payment, POS terminals, Payroll, loans, and even the newly launched tollgate payments. With more banks integrated with EcoCash, mobile money payments accounted for 81.2% of transactions in Zimbabwe as reported earlier this year.
Within the two years from end of 2014 to end of 2016, EcoCash has processed approximately $23 B – $4 B = $19 billion. This is largely because of the cash crisis that hit the country since early 2016 that increased use of mobile money payments solutions and integration of EcoCash with most of the widely used banks . Now from my understanding, when they say ‘processed’, they mean the total amount of money that has entered EcoCash ecosystem via cash-ins, bank-to-wallet transfers etc.
There’s no doubt that EcoCash will keep growing in terms of the amount of money they process and the services they offer. Here’s where you can find some numbers of how big the EcoCash ecosystem is (June 2017).
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