Zimbabwe: Ecocash Integrates With Zimswitch, Launches Swipe to Ecocash Service
Ecocash, Zimbabwe's leading mobile money platform, yesterday introduced 'Ecocash Swipe', an innovative and convenient method for Ecocash customers to fund their wallets directly from any bank account linked to ZimSwitch.
The new service, launched at a breakfast event at a hotel in Harare, will enable Ecocash customers who hold accounts with banks such as Standard Chartered Bank, Barclays Bank, Ecobank and MBCA, which are not yet integrated to the Ecocash platform, to move their money directly from their account onto their Ecocash wallet using their ZimSwitch enabled swipe cards.
Addressing invited guests, that included Ecocash agents, representatives from the Reserve Bank of Zimbabwe (RBZ) and the media fratenity, Ecocash General Manager Ms Natalie Jabangwe-Morris, said Ecocash Swipe would enable all bank customers to move funds between their bank accounts and their Ecocash wallet using their ZimSwitch enabled swipe card.
"We excited to introduce this solution which will guarantee access to much-needed funds for all our banked customers and agents, directly from their bank accounts, using their Zimswitch enabled swipe cards at any Steward Bank point of sale (POS) machine" said Ms Jabangwe-Morris.
"The Ecocash Swipe will effectively provide a direct link between Ecocash and ZimSwitch, further broadening Ecocash's footprint and widening the country's payments ecosystem," she said.
A recent report by the Posts and Telecommunications Regulatory Authority of Zimbabwe (Potraz), outlining the industry's performance in the second quarter of 2017, gave Ecocash's market share (as at the end of June 2017) at 98.7%, confirming its leadership position in the mobile money sector.
Ecocash is managed by Econet Wireless' Cassava business unit, and has been leading the mobile money market since its inception in 2011.
The Potraz report said $836 million worth of transactions had been conducted via mobile money in the second quarter of this year alone (from April to June 2017).
The launch of Ecocash Swipe is expected to further strengthen Ecocash's leading market position by broadening the base of customers that can use the service through the integration with ZimSwitch.
Speaking at the same event, the Deputy Director for National Payments with the RBZ, Mr Josephat Mutepfa, commended Ecocash for continuously innovating to offer convenience to the transacting public and to provide financial inclusion.
"We are delighted by the efforts that Ecocash has made to create inter-operability in the banking and financial services sector", said Mr Mutepfa.
"The launch of Ecocash Swipe will bring convenience and ease of doing business, and will build further efficiency into our financial services ecosystem", said the Central Bank executive, adding that the service would help boost the RBZ's drive for businesses and the public to use of plastic money or electronic payments.
Mr Mutepfa however issued a word of caution to all financial institutions and service providers regarding security of transactions and robustness of their platforms.
"The Issues of risk and security must be diligently addressed and managed by all banks, operators and payment systems suppliers", he said, stressing the importance of continuous investment and on-going co-operation between the financial services players and the Central Bank, which supervises all banks and financial technology (fintech) companies and solution providers in the country.