Zimbabwe’s largest wireless network operator, Econet has unveiled an international debit card linked to its mobile money transfer facility, Ecocash, in partnership with MasterCard.
The move is part of the telecommunications group’s escalated efforts to increase financial inclusion through Ecocash, particularly in the country’s thriving informal market.
As much as $7 billion is estimated to be circulating outside Zimbabwe’s formal economy, according to Bankers Association of Zimbabwe. Ecocash chief executive officer Cuthbert Tembedza said the new debit card is aimed at enhancing transacting convenience and broaden financial inclusivity.
“The EcoCash MasterCard debit card is a milestone towards realising MasterCard’s vision of a cashless society,” says Charlton Goredema, Vice President and Area Business Head, Southern Africa, MasterCard. “Demonstrating the value of close collaboration in the financial services and payments technology industries, EcoCash and MasterCard have devised an innovative payment product that addresses Zimbabwe’s market realities, particularly by acknowledging the impact mobile money has on the country’s economy.”
Also commenting on the development, Douglas Mboweni, CEO of Econet said: “The adoption of electronic payments is critical to Zimbabwe’s economic development. Reducing dependency on cash while increasing financial inclusion benefits the whole country including the government, industry sectors like tourism and retail, merchants and citizens.”
For the first time, EcoCash customers will be able make use of their EcoCash funds in ways previously closed to them. By obtaining an EcoCash MasterCard debit card, EcoCash customers will be able to withdraw money from MasterCard-licensed ATMs and pay for goods and services at millions of merchants that accept MasterCard payment cards, both in Zimbabwe and internationally.
The move is part of the telecommunications group’s escalated efforts to increase financial inclusion through Ecocash, particularly in the country’s thriving informal market.
As much as $7 billion is estimated to be circulating outside Zimbabwe’s formal economy, according to Bankers Association of Zimbabwe. Ecocash chief executive officer Cuthbert Tembedza said the new debit card is aimed at enhancing transacting convenience and broaden financial inclusivity.
“The EcoCash MasterCard debit card is a milestone towards realising MasterCard’s vision of a cashless society,” says Charlton Goredema, Vice President and Area Business Head, Southern Africa, MasterCard. “Demonstrating the value of close collaboration in the financial services and payments technology industries, EcoCash and MasterCard have devised an innovative payment product that addresses Zimbabwe’s market realities, particularly by acknowledging the impact mobile money has on the country’s economy.”
Also commenting on the development, Douglas Mboweni, CEO of Econet said: “The adoption of electronic payments is critical to Zimbabwe’s economic development. Reducing dependency on cash while increasing financial inclusion benefits the whole country including the government, industry sectors like tourism and retail, merchants and citizens.”
For the first time, EcoCash customers will be able make use of their EcoCash funds in ways previously closed to them. By obtaining an EcoCash MasterCard debit card, EcoCash customers will be able to withdraw money from MasterCard-licensed ATMs and pay for goods and services at millions of merchants that accept MasterCard payment cards, both in Zimbabwe and internationally.
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