Home » General » Ecocash Users Surpass U.S.$4 Billion

ECONET, Zimbabwe’s largest mobile telecommunications company, said mobile money transactions through its Ecocash transfer platform had reached $4, 2 billion in two years.

Econet Services Chief Executive Officer, Darlington Mandivenga, said this was a massive growth compared to the country’s banking sector offerings.

“Two years ago only 10 percent of the population had access to banking. In fact, 853 000 people had bank accounts from the about 20 banking institutions. We have changed that and now more than 4, 2 billion are using the platform,” he said.

Mandivenga said the company’s new service, EcocashSave, had already reached 1 million users.

He said the company’s thrust was to continue to provide affordable banking services to the marginalized communities.

“We will continue to introduce new innovative products so that we serve our customers,” Mandivenga said.

He added that the company has invested more than $1 billion in infrastructure since it started such services adding these were anchoring its expansion project.

“We are not only comparing locally but globally and that is why the company will continue to invest in new technology.”

Econet, he said, will take aantage of the use of foreign currency in the country to attract local skills that were “poached” from Zimbabwe.

“Zimbabweans are working at Facebook, at Google or Vodafone. Econet wants to bring back these people so that they can work for us. Why not when we are using a stable currency,” he said.

Because of ICT expansion in the country, Zimbabwe’s mobile penetration has now surpassed 100 percent while broadband stands at 42 percent.

Source : CAJ News Agency