Econet just sent through a press release whose main aim seems to have been to encourage EcoCash subscribers to ask (they could have as well used the word ‘demand’! ) that their employers pay them via EcoCash. The release underscores 3 other items in addition to this:
- That their January 2014 EcoCash payroll signups by companies increased by 82%. Of-course without any absolute numbers, this is really a meaningless figure. 82% from what? Which is understandable though – just usually means the actual number is not as glorious as that percentage makes it sound… still, positive growth to smile about I guess
- That traditional banks are in a cash fix – a big one – and that EcoCash is one of the surest ways to ensure as an employee you get your dues at month-end.
- That in a country suffering from a liquidity crunch, other mobile operators – Telecel really – can’t guarantee you cash at their agents. It’s the second time these past two months that Econet has touted the cashflow strength of the Steward Bank-EcoCash tie-up over regular banks and now, over other mobile operators.
Here’s the full release:
EMPLOYERS TURN TO ECOCASH FOR PAYROLL BECAUSE OF LIQUIDITY
The number of companies using EcoCash to pay their workers has risen dramatically because of the liquidity problems facing some banks.
Econet executives responsible for EcoCash said they had seen a sharp increase in the number of companies paying their workers using EcoCash Payroll. This was because more and more companies were realising that this is the only way of guaranteeing that their workers will get access to their salaries and wages.
Chief Executive of Econet Services, Darlington Mandivenga, said: “Last month (January 2014) we saw an 82% increase in the number of companies using EcoCash Payroll. People who are paid first by EcoCash Payroll are guaranteed access to their money. If they then want to move some of it to a bank, it is up to them, but it is important that people know they can get their money. We guarantee that you will get access to your money.”
Mr Mandivenga also said that Econet allows its agents to access liquidity support through Steward Bank if they ever run out of cash.
“We are the only operator who has the capacity to pump cash into our agents to guarantee that money is available when you need it,” said Mr Mandivenga.
Mr Mandivenga also advised people who have had problems getting access to their salaries at banks to ask their employers to rather pay them through EcoCash Payroll.
“My advice is that people should go to their employers and give them their EcoCash details for next month’s salary. There is really no need to wait,” he said.