EcoCash now processing $200m per month

Money Transfer

Econet Wireless has revealed that more than $200 million is now being transacted per month through its mobile money transfer platform, EcoCash, helping ease the country’s cash constraints.

“There's no question that EcoCash is filling a basic consumer need in one of Africa's countries, where a great deal of the population has been excluded from the formal banking system,” Econet said in a statement.

“In a little over two years, the service has registered 31 percent of Zimbabwe's adult population, a group responsible for more than $200 million in transactions per month, that's about 22 percent of the country's Gross Domestic Product (GDP) - using their mobile phones.”

Among other services, EcoCash now enables companies to fund payrolls giving small businesses and large companies a secure platform to distribute salaries and wages to employees.

Econet said the mobile money transfer platform, which now has about three million subscribers, was a way to diversify its portfolio from core voice and data business, where revenue growth has been weak.