EcoCash Holdings is a subsidiary of Econet wireless that has taken zimbabwe’s transactional ease to new and greater heights. Ecocash was founded in 2011 by the Econet group, under Strive Masiyiwa.
Ecocash is used for the day-to-day transferring, sending, and receiving of money through the mobile phone itself! The transfers can be to acquire really small or insignificant goods such as matches and mints, or they can be for really big transactions such as school fees payments or rent payments.
All of this is possible as long as the person willing to send or receive money has an Econet ( buddy) line and has registered for EcoCash.
How Does Ecocash Work?
In order to use Ecocash, one must have a mobile phone and it doesn’t have to be anything fancy, as well as an Econet line. The Ecocashaccount will be set up with one’s own credentials as taken from the birth certificate or identification card.
When you wish to receive money from someone, you have to tell them your Econet mobile number so it comes through your phone. To send EcoCash, you have to dial *151*1* 1#(enter the mobile number you wish to send,* amount *pin code#) and the money will be sent.
Upon reception by the person who’s been sent, a message will reflect on their screen stating the amount of money received, transaction number, and name of the sender.
A very small percentage of the money will be taken from the sender’s Ecocash balance to suffice the charges.
It’s literally as easy as that! If users have bank accounts they can connect them to their Ecocash wallet and they can manage to move their money from the bank to their Ecocash and begin transacting. They can always top up their EcoCash account when the EcoCash wallet doesn’t have any more money.
How Ecocash Has Made Life Easy?
Since Ecocash can directly fund the user’s mobile phone, this has brought forth an extremely needed and irreplaceable convenience to the Ecocashusers.
It has helped people to avoid standing in long queues at banks to pay for things like school fees. This has significantly decreased the cost of having to go to and from the bank to make a simple transaction.
Ecocash also introduced the FCA account which will enable users to transact U.S. dollar amounts. The convenience of Ecocashbrings is the exact reason why Ecocashhas become the primary way of transacting for Zimbabweans.
Mobile airtime can be also bought on mobile phones from money sitting in the EcoCash wallets.
Despite benefits to customers, Ecocashholdings has managed to create a lot of jobs for people directly working in the firm itself and EcoCash merchants, this will equal economic growth in Zimbabwe and reduce unemployment.
Everyone wins! As more than 55 million people use it and that’s more than 50% of the adult population.