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EcoCash

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EcoCash (Pvt) Limited
Company typeSubsidiary
Traded asEHZL
IndustryBanking
Financial services Fintech
Nano Loans
Founded29 September 2011; 13 years ago (2011-09-29) in Harare, Zimbabwe
HeadquartersHarare, Zimbabwe
Key peopleStrive Masiyiwa
( Founder)

Munyaradzi Nhamo
(Chief Operating Officer)

Eddie Chibi
(Group Chief Executive Officer)
ProductsMobile banking
Websitewww.ecocash.co.zw/%20Homepage

EcoCash, is a mobile phone-based money transfer, financing and microfinancing service, launched in 2011 by Econet Wireless, for its customers in Zimbabwe. The platform has been targeted by the Zimbabwe government. The company's headquarters is in the EcoCash Holdings HQ along Liberation Legacy Road in Borrowdale, a suburb of Harare, the largest city and capital of Zimbabwe.

Econet allows users to deposit, withdraw, transfer money and pay for goods and services, including utility bills, from a mobile handset. Users can also buy pre-paid airtime or data bundles for themselves or others. Users can also redeem stored mobile money for cash. A fee for each service is deducted directly from the account stored on the mobile phone and accessed using a PIN. Users can deposit and withdraw money, transfer money to other users, pay bills including water, electricity, cable, satellite and school fees, purchase airtime, and transfer money between the service and a regular bank account. The service can be used from branches of ZimPost. EcoCash provides international remittance services in partnership with major global remittance partners such as MoneyGram and PayPal

As of November 2017, EcoCash was reported to have 6.7 million registered users, compared with 2 million conventional bank account holders in the country. It controlled 99.8 percent of the mobile money market in Zimbabwe at the time. During the first six years of existence, the service processed over $23 billion. In 2017, Zimbabwe's GDP was valued at US$22 billion.

History

1.1 Early History

Econet Wireless Zimbabwe, a wireless telecommunications company based in Zimbabwe announced in 2011 that they were launching a mobile money transfer service called EcoCash. The service was primarily targeted at Econet subscribers who would send money via text message to recipients who would cash out funds at an EcoCash agent. Large merchants such as OK Zimbabwe and TM Supermarket were recruited as partners for facilitating cash in and cash out transactions. Small and Medium Enterprises (SMEs) were also recruited as partners in the service to broaden the reach and accessibility of the service.

See also

References

  1. ^ "Eco-cash launch date". The Zimbabwean. Harare. 22 September 2011. Retrieved 11 May 2018.
  2. ^ Staff Writer (29 September 2011). "Econet announces the launch of EcoCash". Techzim. Harare: Techzim.co.zw. Retrieved 11 May 2018.
  3. ^ "Ecocash defies Zimbabwe order to suspend mobile money transactions". www.ft.com. 2020. Archived from the original on 28 June 2020. Retrieved 29 March 2021.
  4. ^ Karombo, Tawanda (12 May 2020). "Zimbabwe's central bank says the dominant mobile money platform is running a Ponzi scheme". Quartz. Retrieved 29 March 2021.
  5. EcoCash (11 May 2018). "EcoCash Zimbabwe: Head Office". Harare: EcoCash Zimbabwe. Retrieved 11 May 2018.
  6. ^ EcoCash (11 May 2018). "EcoCash Zimbabwe: About Us". Harare: EcoCash Zimbabwe. Retrieved 11 May 2018.
  7. Gambanga, Nigel (21 October 2015). "EcoCash and MoneyGram officially launch remittances partnership". Techzim. Retrieved 18 October 2022.
  8. NewsDay, The. "EcoCash partners PayPal as it widens its global remittance network". NewsDay. Retrieved 18 October 2022.
  9. Chronicle, The (8 September 2022). "EcoCash, Paypal partnership drives international remittances". The Chronicle. Retrieved 18 October 2022.
  10. Staff Writer (29 June 2022). "You can now receive PayPal transfers directly into an EcoCash USD wallet". Techzim. Retrieved 18 October 2022.
  11. ^ Sengere, Leonard (10 November 2017). "EcoCash has processed over $23 billion since launch and that's not the only impressive figure". Harare: Techzim.co.zw. Retrieved 11 May 2018.
  12. IMF (28 April 2018). "World GDP Ranking 2017: GDP by country: GDP, Current Prices: Source: IMF: World Economic Outlook (WEO) Database, April 2018". Washington, DC: International Monetary Fund (IMF). Retrieved 11 May 2018.
  13. Phil Levin. "Big ambition meets effective execution: How EcoCash is altering Zimbabwe's financial landscape" (PDF). gsma.com. Retrieved 22 August 2023.
  14. "EcoCash – How a telco turned a cash crisis into a cash cow". Digital Innovation and Transformation. Retrieved 18 October 2022.

External links


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