EcoCash
From Wikipedia, the free encyclopedia
EcoCash, is a mobile phone-based money transfer, financing and microfinancing service, launched in 2011 by Econet Wireless, for its customers in Zimbabwe.[1][2][3][4] The platform has been targeted by the Zimbabwe government.[3][4] 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.[5]
| |
| Company type | Subsidiary |
|---|---|
| EHZL | |
| Industry | Banking Financial services Fintech Nano Loans |
| Founded | 29 September 2011 in Harare, Zimbabwe |
| Headquarters | |
Key people | Strive Masiyiwa ( Founder) Munyaradzi Nhamo (Group Chief Executive Officer) |
| Products | Mobile banking |
| Website | www |
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.[6] 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.[6] The service can be used from branches of ZimPost.[2] EcoCash provides international remittance services in partnership with major global remittance partners such as MoneyGram[7] and PayPal[8][9][10]
As of November 2017, EcoCash was reported to have 6.7 million registered users,[11] compared with 2 million conventional bank account holders in the country.[11] It controlled 99.8 percent of the mobile money market in Zimbabwe at the time.[11] During the first six years of existence, the service processed over $23 billion.[11] In 2017, Zimbabwe's GDP was valued at US$22 billion.[12]
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.[1] 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.[2] Large merchants such as OK Zimbabwe and TM Supermarket were recruited as partners for facilitating cash in and cash out transactions.[13] Small and Medium Enterprises (SMEs) were also recruited as partners in the service to broaden the reach and accessibility of the service.[14]