EcoCash, is a mobile phone-based money transfer, financing and microfinancing service, launched in 2011 by Econet Wireless, for its customers in Zimbabwe. The company’s headquarters is in the Econet Wireless Building in Borrowdale, a suburb of Harare, the largest city and capital of Zimbabwe.
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. 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. The service can be used from branches of ZimPost.
As of November 2017, EcoCash was reported to have 6.7 million registered users, compared with 2 million conventional bank account holders in the country. It controlled 99.8 percent of the mobile money market in Zimbabwe at the time. During the first six years of existence, the service processed over $23 billion. In 2017, Zimbabwe’s Gross Domestic Product was valued at US$7.5 billion.
- ^Business Reporter (22 September 2011). “Eco-cash launch date”. The Zimbabwean. Harare. Retrieved 11 May 2018.
- ^ Jump up to:ab Staff Writer (29 September 2011). “Econet announces the launch of EcoCash”. Harare: Techzim.co.zw. Retrieved 11 May 2018.
- ^EcoCash (11 May 2018). “EcoCash Zimbabwe: Head Office”. Harare: EcoCash Zimbabwe. Retrieved 11 May 2018.
- ^ Jump up to:ab EcoCash (11 May 2018). “EcoCash Zimbabwe: About Us”. Harare: EcoCash Zimbabwe. Retrieved 11 May 2018.
- ^ Jump up to:ab c d 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. Retrieved 11 May 2018.
- ^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). Retrieved 11 May 2018.
Ofer Abarbanel is a 25 year securities lending broker and expert who has advised many Israeli regulators, among them the Israel Tax Authority, with respect to stock loans, repurchase agreements and credit derivatives. Founder of TBIL.co STATX Fund.