Econet targets unbanked Zimbabwe with mobile money savings account

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By Zimbabwe Investor on October 9, 2013. No Comments

mobilemoneyHARARE (Zimbabwe Investor) – Econet Wireless (ECO.zw) has launched a mobile money savings product on the EcoCash Wallet platform targeting its 3 million users.

In a statement released today, Econet announced the launch of EcoCashSave which allows EcoCash customers to move money from their eWallet to an interest bearing account.

“Opening an EcoCashSave account is also very simple, as a customer can set up the account on their phone themselves by following a few simple instructions”, reads the statement from Econet.

“The EcoCash system is the one that sets up the account, and assigns an account number automatically.”

“Whilst banks generally do not give interest on deposits of less than $800 the EcoCashSave deposit account will give interest even on $1 as long as the money has been there for 30 days.”

The product is designed to bring the largely unbanked rural population into the mainstream financial system.

“The EcoCashSave account is aimed at millions of people in the country who until now could not open bank accounts, because the amount of money they deal with is considered too small by banks”, says Econet.

The system is also developed to allow companies to use EcoCash to pay wages by sending money to any number of employees using a mobile phone.

Econet Wireless which recently took control of a local bank TN renaming it Stewart Bank, is Zimbabwe’s largest mobile telecommunications company. Founder and controlling shareholder, Strive Masiyiwa was recently named as the 31st richest person in Africa with a net-worth of US$1.46 billion by Venture Africa magazine.