A day after the launch of the EcoCash Business Wallet, some people may still be wondering if the Business Wallet is only for formal businesses. But No. EcoCash Business Wallet serves every business, both formal and informal.
Keeping in mind that Zimbabwe has a significant amount of trade that happens in the informal sector,I think it is with this spirit that Ecocash decided to include informal business on the EcoCash Business Wallet.
The EcoCash Business Wallet is characterized by enabling partners such as merchants, billers, payroll wallet holders agents and ordinary business people to make payments directly out of their business wallet. They can now pay any of their suppliers for any goods and services rendered directly into the supplier’s business wallet, settle their council bills, buy ZESA tokens or buy airtime directly out of their business wallet.
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What are the benefits for an informal business?
The EcoCashBusiness Wallet offer informal traders increased transaction limits on a monthly basis. The Ecocash Business Wallet will enable them to do payments of up to $50 000 a month. This enables informal businesses to make high volume payments at the competitively low charges that the EcoCash Business wallet offers.
However, informal businesses will not experience as many benefits as those enjoyed formal businesses. Businesses will enjoy doing $500 000 worth of transactions depending on the size of a business.
As an informal business, what do I need to have an EcoCash Business wallet?
In order to make it easier for informal businesses to make payments whilst also avoiding the promotion of money laundering through the Ecocash Business Wallet, Ecocash asks informal businesses to satisfy just a few requirements in the name of KYC Lite. Here is how informal businesses can open, Ecocash Business Wallet;
- For starters, you need a merchant line.
Once you satisfy this requirement, an informal trader can then approach EcoCash and;
- Produce a copy of national ID
- Produce a proof of Residence
- Provide a couple of pictures
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