Telecommunications company, Econet Wireless Zimbabwe, expanded its mobile banking services, EcoCash, by partnering with the Commercial Bank of Zimbabwe (CBZ) in a move that will result in CBZ account holders using the service to make financial transactions from the comfort of their offices or homes.
Under the partnership, CBZ customers with an EcoCash can deposit or withdraw money from their accounts using mobile phones without necessarily going to a bank or Econet agent.
Econet Wireless Zimbabwe boss, Douglas Mboweni, said more banks will be connected to EcoCash next week and indications are that all banks will be linked to this service by the end of next January.
Econet launched its mobile banking services in September last year and to date more than $300 million has been exchanged through the service.
Other mobile service operators such as NetOne and Telecel have launched similar services to bring financial inclusion to millions of Zimbabweans without bank accounts.
The other money transfer options include Kingdom Bank’s CellCard, Zimbabwe Bank’s eWallet and eMali, FBC’s Mobile Moola and the Central African Building Society’s TextaCash.
Mobile internet subscribers on Zimbabwe’s three mobile networks rose to over 2 million by the end of August this year, according to the Posts and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ).