Econet Wireless Zimbabwe’s mobile money service, EcoCash, has integrated with MBCA Bank Limited, bringing the number of banks directly integrated with the mobile financial transacting system to 11.
BY BUSINESS REPORTER
A company spokesperson confirmed the integration, saying the development was set to offer EcoCash and MBCA customers more convenience, choice and flexibility.
“We are excited to integrate with MBCA Bank and are happy for the convenience and flexibility this brings to our customers that bank with MBCA” the spokesperson said.
“Our customers will now enjoy the convenience of moving funds between their MBCA bank account and their EcoCash Wallet, and vice-versa, at any time, anywhere.”
EcoCash, the market leader in its sector with over 98% market share, according to latest industry figures from the Postal and Telecommunications Regulatory Authority of Zimbabwe, has to date integrated with Steward Bank, CBZ Bank, Stanbic, Agribank, NMB, BancABC, ZB Bank, the POSB, CABS, FBC Bank and MBCA.
The company spokesperosn said integration work with the few remaining banks was at an advanced stage.
“Work on integrating the remaining few banks is going well, and I am pleased to say all our customers will soon be enjoying integrated financial services shortly”, the spokesperson said.
The Reserve Bank of Zimbabwe, which supervises EcoCash, has been quoted as saying the adoption of mobile money services and electronic payment platforms in Zimbabwe had resulted in $11 billion worth of transactions being handled electronically over the nine months between January and September 2017.
A total of 80% of those transactions are said to have been done via mobile money, a key driver of financial inclusion in the economy.
Commenting on the MBCA integration, the spokesperson said the bank’s customers could now take advantage of the several transaction options available on EcoCash, including utility and other bill payments and an assortment of merchant payment services as well as individual funds transfers and airtime credit payments.
The integration of EcoCash with MBCA Bank comes less than a month after EcoCash moved to further widen customer access to its financial transacting platform by introducing “Swipe into EcoCash”, a convenient option for EcoCash’s customers to fund their wallets from any bank account linked to ZimSwitch.
EcoCash, which is run by Econet Wireless’ Cassava business unit, has been leading the mobile money market in Zimbabwe since 2011.