Company:EcoCash

From HandWiki
EcoCash (Pvt) Limited
TypeSubsidiary
EHZL
IndustryBanking
Financial services Fintech
Nano Loans
Founded29 September 2011; 12 years ago (2011-09-29) in Harare, Zimbabwe
Headquarters
Harare, Zimbabwe
Key people
Strive Masiyiwa
( Founder)

Munyaradzi Nhamo
(Chief Operating Officer)

Eddie Chibi
(Group Chief Executive Officer)
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 EcoCash Holdings HQ along Liberation Legacy Road 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] 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]

See also

References

  1. ↑ 1.0 1.1 "Eco-cash launch date". Harare. 22 September 2011. http://www.thezimbabwean.co/2011/09/eco-cash-launch-date/. 
  2. ↑ 2.0 2.1 2.2 Staff Writer (29 September 2011). "Econet announces the launch of EcoCash". Techzim (Harare: Techzim.co.zw). https://www.techzim.co.zw/2011/09/econet-announces-the-launch-of-ecocash/. 
  3. ↑ 3.0 3.1 "Ecocash defies Zimbabwe order to suspend mobile money transactions". 2020. https://www.ft.com/content/f0d7ab8a-ea25-4599-b5ab-17cf4c1919a0. 
  4. ↑ 4.0 4.1 Karombo, Tawanda (12 May 2020). "Zimbabwe's central bank says the dominant mobile money platform is running a Ponzi scheme" (in en). https://qz.com/africa/1855919/zimbabwes-reserve-bank-says-ecocash-running-ponzi-scheme/. 
  5. ↑ EcoCash (11 May 2018). "EcoCash Zimbabwe: Head Office". Harare: EcoCash Zimbabwe. https://www.ecocash.co.zw/contact. 
  6. ↑ 6.0 6.1 EcoCash (11 May 2018). "EcoCash Zimbabwe: About Us". Harare: EcoCash Zimbabwe. https://www.ecocash.co.zw/about. 
  7. ↑ Gambanga, Nigel (2015-10-21). "EcoCash and MoneyGram officially launch remittances partnership" (in en-US). https://www.techzim.co.zw/2015/10/ecocash-and-moneygram-officially-launch-remittances-partnership/. 
  8. ↑ NewsDay, The. "EcoCash partners PayPal as it widens its global remittance network" (in en). https://www.newsday.co.zw//business/article/386/ecocash-partners-paypal-as-it-widens-its-global-remittance-network. 
  9. ↑ Chronicle, The (8 September 2022). "EcoCash, Paypal partnership drives international remittances" (in en-GB). https://www.chronicle.co.zw/ecocash-paypal-partnership-drives-international-remittances/. 
  10. ↑ Staff Writer (2022-06-29). "You can now receive PayPal transfers directly into an EcoCash USD wallet" (in en-US). https://www.techzim.co.zw/2022/06/you-can-now-receive-paypal-transfers-directly-into-an-ecocash-usd-wallet/. 
  11. ↑ 11.0 11.1 11.2 11.3 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. https://www.techzim.co.zw/2017/11/ecocash-processed-21-billion-since-launch/. 
  12. ↑ 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). http://zimbabwe.opendataforafrica.org/nwnfkne/world-gdp-ranking-2017-gdp-by-country-data-and-charts. 
  13. ↑ Phil Levin. "Big ambition meets effective execution: How EcoCash is altering Zimbabwe’s financial landscape". https://www.gsma.com/mobilefordevelopment/wp-content/uploads/2013/07/EcoCash-Zimbabwe.pdf. 
  14. ↑ "EcoCash – How a telco turned a cash crisis into a cash cow" (in en-US). https://d3.harvard.edu/platform-digit/submission/ecocash-how-a-telco-turned-a-cash-crisis-into-a-cash-cow/. 

External links

[ ⚑ ] 17°47′01″S 31°04′47″E / 17.78361°S 31.07972°E / -17.78361; 31.07972



Retrieved from "https://handwiki.org/wiki/index.php?title=Company:EcoCash&oldid=3476888"