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Oliver Kazunga Acting Business Editor
ECONET says the number of companies turning to its mobile money transfer service, EcoCash when paying their workers increased by 82 percent in January because of the liquidity challenges facing some banks.
Econet Services chief executive Darlington Mandivenga said more firms were realising that the mobile money transfer service was the only way of guaranteeing their workers access to salaries and wages.
“Last month, we saw an 82 percent increase in the number of companies using EcoCash payroll. People who are paid first by EcoCash payroll are guaranteed access to their money. If they then want to move some of it to a bank, it is up to them, but it is important that people know they can get their money. We guarantee that you will get access to your money,” he said.
Mandivenga said his organisation allows its agents to access liquidity support through Steward Bank if they ever run out of cash.
“We are the only operator who has the capacity to pump cash into our agents to guarantee that money is available when you need it,” he said.
Mandivenga advised people who have had challenges in accessing their salaries at banks to ask their employers to rather pay them through the EcoCash payroll.
“My advice is that people should go to their employers and give them their EcoCash details for next month’s salary. There is really no need to wait,” he said.
In December last year, Econet launched its EcoCash payroll system to enable companies to fund payrolls through the mobile money transfer platform following cases of robbery on cash in transit.
The EcoCash payroll system allows small businesses and large companies to distribute salaries and wages to employees using the EcoCash platform.
Under the EcoCash payroll system, a company fills in an application form and sends the payroll by EcoCash and the payroll will be processed on the platform.
Some of the organisations that have adopted EcoCash payroll include the Zimbabwe Fertiliser Company, Cimas, National Seeds, Zesa Enterprises, local government authorities and others.
EcoCash was launched three years ago and it now has more than three million subscribers.
Online Reporter