Leading mobile payment solution, EcoCash has partnered cross-border mobile payments network, TransferTo, to expand its cross border reach for international remittances starting with South Africa.
In a deal brokered by Cassava International, the Fintech arm for the Econet Wireless Group, Zimbabweans living and working away from home can now send money directly to their friends and families’ EcoCash mobile wallets.
“The importance of remittances to the development of our country cannot be over emphasised and we are excited about our partnership with TransferTo.
“With this partnership, we are also bringing convenience and choice to Zimbabweans living in South Africa to send money home.
“Starting with money transfer operator, Mama Money, in South Africa, TransferTo’ cross-border payments network is connecting Mama Money South Africa remittances to EcoCash in Zimbabwe.
“We believe that mobile money transfer is the most effective digital alternative to cash and essential in providing greater convenience to our customers. EcoCash customers in Zimbabwe can receive money directly into their EcoCash wallets to pay for bills, goods and other services without having to travel long distances to access their money,” said Econet Wireless chief executive Douglas Mboweni.
South Africa, US and United Kingdom represent the top remittance corridors to Zimbabwe and additional partnerships will be gradually announced in 2017.
“Now more than ever, Zimbabwe needs to digitise money and use mobile money to buy and pay, send and receive. Sending money home to your families and loved ones should be as simple as an SMS.
“Zimbabweans working and living overseas can now send money to their loved ones cheaply, securely and immediately into EcoCash wallets,” said TransferTo chief executive Eric Barbier.
EcoCash general manager Natalie Jabangwe added that EcoCash is Zimbabwe’s leading payment solution.
“By innovating and partnering in mobile financial services, we have been able to answer Zimbabwe’s needs in extending financial inclusion, digitising cash and bridging cross-border payments.
“We look forward to a successful partnership with TransferTo in facilitating digital remittances to alleviate the challenges of our economy,” she said.
EcoCash last year also struck a money transfer deal with the growing international remittance provider in the region, Mukuru.
This partnership between Mukuru, a key player in the South African remittances space and EcoCash marked an important milestone that will bring significant benefits to companies, customers and the Zimbabwean economy.
The partnership was also facilitated and structured by Cassava, a wholly-owned financial technology subsidiary of the Econet Group and was designed to further consolidate EcoCash market leadership position and injecting the much needed liquidity into the Zimbabwe economy through inward remittances.
With over 6,5 million customers and a robust network of almost 30,000 agents, EcoCash position and ability to deliver such a remittance service is unrivalled in the market.