EcoCash has launched a new wallet, called EcoCash Plus, targeted at small businesses and vendors.
The wallet enables users to transact, manage payroll, pay bills, and track business records via mobile phone. EcoCash said the goal is to support informal businesses that often operate outside the traditional banking system.
EcoCash said in a statement:
“Small businesses are not just surviving – they’re driving our economy. EcoCash Plus is set to make their everyday hustle easier, safer and more connected to opportunities.
With this wallet, business owners can receive payments from customers and suppliers, buy ZESA tokens, airtime, and pay council bills, pay suppliers, send money to employees and track transactions with digital statements
We’re offering a wallet and building infrastructure for long-term growth, trust, and financial inclusion.”
The competition against cash
It reads like the company is looking to attract informal business using cash to the mobile money platform.
Of-course the cash dominance problem is not just businesses not trusting financial institutions with their hard earned USD. Small businesses are also trying to avoid transaction taxes as well as generally staying off the ZIMRA tax radar.
Lack of trust in the authorities and taxes are still not the only issues. There’s also excessive fees, or at least the impression of it.
In a social media flyer EcoCash says the wallet has “zero monthly charges” and no hidden fees”. We’re not sure exactly what this means given we haven’t tested the wallet yet.
If you do know the details, please share in the comments below. How exactly the wallet works and so forth. We’re also reaching out to EcoCash for this and will update as soon as we hear back.
How to start using EcoCash Plus
If you’re a small business, here’s how you can start using EcoCash Plus:
- To register message WhatsApp number 0777 222 152 and follow the prompts.
- Required documents include a valid national ID, proof of residence, and a trading licence or other relevant supporting documents.
A bit unrelated, but wondered writing this article: Is EcoCash still a company or just a product with Econet the company? Should we write “EcoCash said…” or “Econet said…”
Comments
2 responses
A really hard sell for sure because banking is so expensive that it takes off the competitive edge…even me on formal business prefer to avoid the vat and the ridiculous 5% on transfers….I only use formal when I have not choice or it’s cheaper than the drop off….and pass the savings to the consumer
They gotta to reduce these bank charges and work on these licenses…
Also we add business are tired of funding infrastructure like roads and transformers
Or generators are literally crying
This is a country where it’s cheaper to pay a Messenger to drop off cash
Banks just like the networks are fleecing us
It make no financial sense