Sponsor Profile: EcoCash

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The ePayments Forum is a platform of common interest that seeks to bring together stakeholders in the plastic money, mobile money, and internet banking sector (collectively known as ePayments). The inaugural event is organised by Techzim events through the valued support of sponsorship partners:

Platinum/Lead Sponsorship: Ecocash / Econet Wireless

Gold Sponsorship: CardPro Africa

Silver Sponsorship: The Paynet and Autopay divisions of Payserv Group

EcoCashWhen you are in Europe or America, it is possible to move around without any cash in your pocket as long as you have a credit card or a debit card.

Governments in developed countries have long urged their citizens to transact electronically. This is known as a ‘cashless society’. It is fast, cheap, and very safe.

In EcoCash, Econet’s fast-growing mobile money and mobile payments system,Zimbabwe is fast reaching this stage.

Because Zimbabwe is a dollarised economy, bank notes and small change are in short supply. This is the gap that has allowed EcoCash to really prosper in a unique way.

EcoCash has now managed to create a seamless link into banks, allowing customers with bank accounts the ability to move money into an electronic wallet, from anywhere in the country.

And while EcoCash was already hugely popular as a money transfer service, there is even more excitement as it begins to offer solutions to the daily payment questions faced by Zimbabweans.

EcoCash allows businesses to accept payment in EcoCash instead of cash. Once they receive such payment, it is automatically credited to a bank account as real cash.

Now, EcoCash customers can do more on the platform than send and receive money or buy airtime. They can buy groceries, fast food, and pay for their transport fare using EcoCash. Even newspapers are planning to accept payment by EcoCash following discussions with Econet. Payment of bills has also now been made possible via EcoCash.

EcoCash has completely changed the way Zimbabwe does business, and signs are it will have a greater impact than even M-PESA in Kenya.

People in rural areas rely heavily on getting money from relatives using EcoCash. Econet continues to pump liquidity to its agents in rural areas to ensure that they can give cash to those people who need it.

EcoCash has become more of a wallet as more and more people find it easier to pay for goods directly with EcoCash.

With the Christmas holidays coming up, more businesses are gearing up for heavy trade using EcoCash.

Businesses that accept payment in EcoCash are now able to exchange it for cash at Econet Wireless Zimbabwe approved banks. Hundreds of companies have already signed agreements to take EcoCash payments which they can cash in at TN Bank.