EcoCash
| Company type | Public limited company |
|---|---|
| Industry | Banking Financial services |
| Founded | 29 September 2011 in Harare, Zimbabwe |
| Headquarters | |
Key people | Strive Masiyiwa (Group Executive Chairman and Founder) |
| Products | Mobile banking |
| Website | www |
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] The company's headquarters is in the Econet Wireless Building in Borrowdale, a suburb of Harare, the largest city and capital of Zimbabwe.[3]
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.[4] 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.[4] The service can be used from branches of ZimPost.[2]
As of November 2017, EcoCash was reported to have 6.7 million registered users,[5] compared with 2 million conventional bank account holders in the country.[5] It controlled 99.8 percent of the mobile money market in Zimbabwe at the time.[5] During the first six years of existence, the service processed over $23 billion.[5] In 2017, Zimbabwe's Gross Domestic Product was valued at US$7.5 billion.[6]
See also
References
- ^ Business Reporter (22 September 2011). "Eco-cash launch date". The Zimbabwean. Harare. Retrieved 11 May 2018.
{{cite web}}:|author=has generic name (help) - ^ a b Staff Writer (29 September 2011). "Econet announces the launch of EcoCash". Harare: Techzim.co.zw. Retrieved 11 May 2018.
- ^ EcoCash (11 May 2018). "EcoCash Zimbabwe: Head Office". Harare: EcoCash Zimbabwe. Retrieved 11 May 2018.
- ^ a b EcoCash (11 May 2018). "EcoCash Zimbabwe: About Us". Harare: EcoCash Zimbabwe. Retrieved 11 May 2018.
- ^ 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.
- ^ 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.