EcoCash

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EcoCash
TypePublic limited company
IndustryBanking
Financial services
Founded29 September 2011; 10 years ago (2011-09-29) in Harare, Zimbabwe
Headquarters
Harare, Zimbabwe
Key people
Strive Masiyiwa
(Group Executive Chairman and Founder)
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.[1][2][3][4] The platform has been targeted by the Zimbabwe government.[3][4] The company's headquarters is in the Econet Wireless Building in Borrowdale, a suburb of Harare, the largest city and capital of Zimbabwe.[5]

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]

As of November 2017, EcoCash was reported to have 6.7 million registered users,[7] compared with 2 million conventional bank account holders in the country.[7] It controlled 99.8 percent of the mobile money market in Zimbabwe at the time.[7] During the first six years of existence, the service processed over $23 billion.[7] In 2017, Zimbabwe's Gross Domestic Product was valued at US$22 billion.[8]

See also[]

References[]

  1. ^ Business Reporter (22 September 2011). "Eco-cash launch date". The Zimbabwean. Harare. Retrieved 11 May 2018.
  2. ^ a b Staff Writer (29 September 2011). "Econet announces the launch of EcoCash". Harare: Techzim.co.zw. Retrieved 11 May 2018.
  3. ^ a b "Ecocash defies Zimbabwe order to suspend mobile money transactions". www.ft.com. 2020. Retrieved 29 March 2021.{{cite web}}: CS1 maint: url-status (link)
  4. ^ a b Karombo, Tawanda. "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. ^ a b EcoCash (11 May 2018). "EcoCash Zimbabwe: About Us". Harare: EcoCash Zimbabwe. Retrieved 11 May 2018.
  7. ^ a b c d 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.
  8. ^ 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.

External links[]

Coordinates: 17°47′01″S 31°04′47″E / 17.78361°S 31.07972°E / -17.78361; 31.07972

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