Online Reporter
Business Reporter
ECOCASH has launched EcoCash Plus, a special wallet designed for micro, small and medium businesses (MSMEs), vendors and service providers that account for over 60 percent of the country’s economy.
The new product, which addresses the day-to-day operational needs of MSMEs, enables users to transact, pay bills, manage payroll and access business records, all through their mobile phones.
“Small businesses are not just surviving, they are driving our economy. EcoCash Plus is set to make their everyday hustle easier, safer and more connected to opportunities,” EcoCash said in a statement.
Zimbabwe’s informal economy contributes more than 60 percent of the national gross domestic product, yet many entrepreneurs and traders operate outside the formal financial system, relying heavily on cash.
This limits their growth potential and exposes them to risks such as theft, lack of access to credit and exclusion from the broader economic opportunities.
EcoCash Plus is, however, set to change that.
“With this wallet, business owners can receive payments from customers and suppliers, buy ZESA tokens, airtime and pay council bills, pay suppliers, send money to employees and track transactions with digital statements,” the statement added.
The statement further said EcoCash Plus will provide a platform for SMEs to trade with big corporates, where they can order stock using EcoCash Plus.
The platform targets a broad spectrum of businesses, including tuckshops, boutiques, small grocery stores, hardware outlets, agro-dealers, motor spares dealers, electronics shops and craft vendors. It also supports service providers such as salons, tailors, artisans, cleaners, repair technicians, laundry operators, print shops and photographers, among others.
Financial analysts have welcomed the product, saying its potential to open doors for informal traders is enormous.
“The challenge in the informal sector is not a lack of business activity, it is a lack of data,” said a Harare-based economist.
“EcoCash Plus creates a financial trail that builds credibility and unlocks future access to capital.”
With national development strategies increasingly focused on formalising the informal sector and extending financial services to underserved communities, EcoCash Plus comes at a critical moment.
“We are offering a wallet and building infrastructure for long-term growth, trust and financial inclusion,” said EcoCash.
