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Prince Mushawevato
Econet Wireless Zimbabwe(EWZ) has launched a mobile savings account, EcoCashSave. The paperless banking service is offered through EcoCash in partnership with Steward Bank as it angles to tap unbanked funds. EWZ chief executive Mr Douglas Mboweni said the initiative was meant to bring banking convenience to the public as well as unbanked disadvantaged groups.
“We have a situation whereby vendors and some people in remote areas struggle to access banks and in turn keep their monies home.
With this initiative, we are bringing banking convenience to their doorsteps.
“As Econet, we hope EcoCashSave will contribute to economic growth through promotion of financial inclusion throughout the country,” he said.
It is estimated that over US$3 billion is presently circulating in the informal sector.
High bank charges have forced small and medium scale enterprise to avoid the formal banking system. EcoCashSave attracts no bank charges and customers are not compelled to make mandatory deposits.
Clients can make as much deposits or withdrawals as they can per day. Money saved in the EcoCashSave bank account attracts an interest rate of 4 percent per annum.
In addition, through this facility an individual’s phone number automatically becomes a customer’s account number upon registering for the service.
“Access to the service is guaranteed by your phone, with your mobile number being becoming your account number. Movement of money from your Ecocash wallet to the EcoCashSave account and vice versa does not attract any charges,” EWZ said.
Online Reporter