EcoCash, Western Union in diaspora remittance deal

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By the Source on April 24, 2014. No Comments

Econet Wireless’ mobile money platform has partnered with global money transfer agent Western Union in a deal which will allow Zimbabweans living abroad to send money using EcoCash, an official has said.

Diaspora remittances average $2 billion annually according to central bank statistics and play a key role in Zimbabwe’s economy.

Ecocash services chief sales officer Eddie Chibi told journalists on the sidelines of an SME conference that the development would increase the volume of remittances into the country, which is battling a dollar crunch. Chibi added that the move would also help to account for the levels of remittances into the country.

“We have signed a commercial agreement with Western Union which will see our subscribers receiving money on their mobile phone wallet,” Chibi said.

Launched in the last quarter for 2011, EcoCash has reached 4,2 million users and processed transactions worth over $4 billion.