EcoCash handles $6,6 billion in transactions, dominates Zimbabwean payments field

Nigel Gambanga Avatar
Mobile Money In Africa, Mobile Services, Telecoms

The latest financial results for local mobile operator Econet Wireless also gave some insight on how much ground is being covered by its mobile financial services subsidiary EcoCash.

In the 12 months leading to the 29th of February 2016, EcoCash handled transactions valued at $6.6 billion dollars, which was a 20% increase from last year’s transactional value of $5.5 billion.

Econet’s entire Mobile Financial Services division which includes services like EcoSure brought in $87 million with EcoCash contributing $73 million up from its revenue total of $61 million the year before. This $73 million haul constituted 11% of Econet’s total revenue for the year.

With a subscriber total of 5.8 million and 26,500 agents (this total grew by 48% from 17,900 agents in the previous year) across the country, EcoCash is the largest financial service provider in Zimbabwe.

According to the latest report from the telecoms regulator, 98% of mobile money values were transacted on the EcoCash platform making it the largest handler of payments transactions.

You can download the Econet Results from its investors’ site by following this link