Judging by social media posts as well as responses to the few articles Techzim has written about the EcoCash Rewards campaign, the promotion seems to be quite popular. The mobile money operator is now extending the loyalty programme to remittances into Zimbabwe.
EcoCash is giving ‘a point’ for every USD2.00 that is received into the EcoCash FCA wallet from the diaspora. This is equivalent to the ‘points’ customers get when they transact for ZW$200.00. This is somewhat consistent with the exchange rate between the Zim Dollar and the American Dollar.
Remittances into the EcoCash FCA wallet
Remittances into the EcoCash FCA wallet can be received from Cassava Remit and EcoCash Remit which are available for the South Africa to Zimbabwe corridor, UK to Zimbabwe and other European countries to Zimbabwe corridors.
Givemore Jojo, Cassava Smartech’s Chief Commercial Officer had this to say:
Indeed, EcoCash customers who receive diaspora funds have every reason to smile as the promotion recognizes their importance and the critical part they play to the EcoCash business, as well as the economy at large in terms of promoting the use of formal channels to receive money from the diaspora
Cassava Smartech is of course fighting for a piece of the diaspora remittances pie which is not only growing but is more important to Zimbabwe given the dried up foreign direct investment pipe.
The Reserve Bank of Zimbabwe says that the country recorded a 33 percent increase in diaspora remittances to US$466,2 million as at July 31, 2020 up from US$349,7 million recorded during the same period last year.
EcoCash is promising guaranteed cash pick up by recipients at Econet shops and Steward Bank branches. They are even saying that there are now express queues for remittances recipients at these places. In Zimbabwe, foreign currency is king.
Other perks thrown into the mix are weekly draws for devices (we guess phones).
What are those points worth again?
To recap: Each ‘point’ can be redeemed for ZW$0.40 as a direct credit into the customer’s EcoCash wallet or as airtime.
EcoCash says more than a million customers have redeemed their points to date.