Zimbabwe: Ecocash Spreads to CBZ Bank

Mergers, Acquisitions and Financial Results

Econet Wireless has partnered with CBZ Bank in the provision of mobile phone-based banking services through EcoCash, a development that will further enhance convenience for customers of the two leading institutions.

The partnership would allow Econet and CBZ Bank customers to carry out a number of banking transactions on their cellphones from any location in or outside the country.

This arrangement enables balance transfers to and from the EcoCash wallet and CBZ Bank accounts while other benefits include bill and commuter fare payments, retail or airtime purchases and interbank transfers among others. Further, the EcoCash-CBZ partnership enables account balance inquiries, processing of mini statements and provision of merchant banking services on the cellphone. It can also be used to pay salaries.