EcoCash, Zimbabwe’s largest mobile money platform, has achieved full integration with all banks in the country, becoming the first mobile payment in Zimbabwe to do so.
EcoCash’s integration with all banks allows any individual registered for EcoCash and with an account with any Zimbabwean bank, to instantly transfer money from their bank account into their EcoCash Wallet, or to move money from their EcoCash wallet into their bank account.
“This development is a win-win for bank and EcoCash customers, and is part of EcoCash’s commitment to create a fully inclusive financial ecosystem in Zimbabwe, in which customers can easily access their funds and make transactions anytime, anywhere – with great convenience – even outside working hours and during the holidays,” an EcoCash representative said.
The full integration comes ahead of the festive reason, which traditionally sees a rise in the volume of transactions.
The move allows anyone with an EcoCash wallet and a bank account in Zimbabwe to transfer funds instantly between the two platforms. It eliminates the need for physical cash or queuing at ATMs, offering users a more efficient way to manage their finances through mobile devices.
EcoCash’s integration covers major banks, including AFC Commercial Bank, CBZ Bank, FBC Bank, NMB Bank, Stanbic, Steward Bank, ZB Bank, and CABS, among others. This development is seen as a significant step in expanding access to financial services, particularly for those in rural and remote areas.
Mobile platforms such as EcoCash are moving to enhance their capabilities to align with the Reserve Bank of Zimbabwe’s push for financial inclusion and to cut the reliance on cash, while lowering transacting costs.
