Three million Zimbabweans who use the EcoCash Wallet can now also operate a savings account
Econet Wireless has launched a new service called EcoCashSave, which allows an EcoCash customer to move money from their eWallet to an interest bearing account in a matter of seconds.
Whilst banks generally do not give interest on deposits of less than $800 the EcoCashSave deposit account will give interest even on $1 as long as the money has been there for 30 days.
Opening an EcoCashSave account is also very simple, as a customer can set up the account on their phone themselves by following a few simple instructions. The EcoCash system is the one that sets up the account, and assigns an account number automatically.
You also do not have to complete any forms if you already have an EcoCash wallet, neither do you need to see an agent, even though agents can help you. Once your account is open, you can move money in and out as you like without any charges whatsoever.
The money held in EcoCashSave accounts is held by any of the banks that are integrated to the EcoCash system. It is also possible to move money from an EcoCashSave account to a normal bank account and vice versa, without incurring any charges.
The EcoCashSave account is aimed at millions of people in the country who until now could not open bank accounts, because the amount of money they deal with is considered too small by banks. It is also intended for the informal business sector, including street vendors, to have access to banking services.
Employers can now also use EcoCashSave for paying wages and salaries. EcoCash has also set up a payroll services, that allows an employer to send money to any number of people using a cell phone or computer.
A construction company for instance that pays weekly wages can use EcoCashPayroll to pay weekly wages into the EcoCashSave accounts of its employees.
Once they receive the money, they can keep some of it and earn interest, and make bill payments whenever they like, or they can go to an EcoCash agent and get cash.
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41 comments
Now that’s progress! Still got beef with econet on just about everything else, but this is good.
Taura hako. Econet has a hard muscle – beware when you do business with them – but they do deliver
good, still waiting for online payments api
Excellent
Ecocash, the google of Zimbabwe
that is scary statement
Thnk u
Wow this is great indeed. Hope all this passed the banking laws, regulations, rules, etc
Their are probably using their Steward Bank to do this so there is nothing illegal it.It is like when ZOL uses Econet’s licence to provide VoIP
Thnk uu
No wonder they were so rigid on integrating with other banks, they knew they would want to migrate all their ecocash customers to be bank account holder. i have already opened an account with them, waiting to apply for loan via USSD. Now we are talking
Thnk u excellent
How do i create my account, need it right away
*151*200#
then option 6
you can rock and roll after than!
A true game changer. How convenient, simple and yet rewarding to the customer. I opened mine today and have already put my money in there. Did not need to go to the bank. Well done Econet and EcoCash family
Excellent thnk u
Lets watch the charges, they always make them bottom line driven
Oky thnk u
All i can say is, I said it….http://www.techzim.co.zw/2013/09/zimbabwe-banks-mobile-money-ecocash/
What happened to our insurance via EcoLife “31111”
Lets get answers to that first..Hello World
point.
Thank u good idea
These guys at Econet havasi kutamba!
for sure!!!!!!
So your phone number becomes your bank account number! Brilliant!
Good idea
what are the interest rates like?
i am surprised at the volume of econet articles on this website Techzim used be a credible and balanced website .AS for ecocash the functionality was already there so i see no need to go on about it . You guys have become FANBOYS of ECONET
kkkkkkkkkkkkkkkiest usarwadziwe
wanyanyorwadziwa neiko. Chakanaka chakanaka. Come up with something worthwhile and techzim will write about you.
Hey now, the reason there is so much written about Econet is because they are generating so much news (mostly by playing dirty, but that’s not the case here). As for the new feature, I don’t know how long you have known about it or were able to access it. This is fresh news to most of us.
Really guy, try to read more than the headlines before you rush to comment.
If anyone out there is thinking of starting a retail banking business…. I don’t think this is the right time and kudos to those that jumped ship while they still could
Did I hear “disruption alert”?
What is the Interest rate on the service?
this is aconflict of interest ECONET have a data licence banks to some degree are clients of econet , now econet owns a bank does any one else see why the mainstream banks did not want ecocash …..they have overstepped their mandate at this rate ECONET should split up (anti trust laws )
where is the competition commmision in this country these guys want ecocash to be a defacto currency of Zim they tried it with those token things a few years ago ..
Thnk u
Apparently these people don’t have competition,.
Does this thing work am alrdy getting errors , “External application Down”
Be wary of the interest rates. Why is Econet not so open about the interest rates and other terms and conditions? Its like the Telecel Red30, Red60, and Red150. You get to know these are not unlimited products after all when you sign the contract.
Lets see how banks going to respond to this move. Banks definitely going to be under lot of pressure now.
[…] announced today the introduction of a new EcoCash based mobile money service called EcoCash Save. The service […]