Econet unveils EcoCash Payroll

ECONET Wireless continues to sweat its mobile phone network infrastructure to spread tentacles deeper into the provision of banking services by rolling out a number of cellular-based products.

While predominantly a mobile phone operator, Econet Wireless is now as much involved in provision of banking services through its subsidiary Steward Bank and numerous mobile phone-based financial services.

According to EcoCash chief executive Mr Cuthbert Tembedza, the need for mobile money is growing due to the cash crunch on the market and the increasing incidence of cash-in-transit robberies. As such, Econet Wireless subsidiary EcoCash on Wednesday unveiled the EcoCash payroll which will allow subscribers to receive their salaries on their phone.

Company executives said by using EcoCash Payroll, which allows employers to pay out salaries to their workers via mobile phones, companies will ensure better security for their businesses and their staff, while helping ease the impact of cash shortages on the market.

Mr Tembedza urged Zimbabwean employers to use the new EcoCash payroll service as it offered more convenience and security when making bulk payments.

"The launch of the EcoCash Payroll platform could not have come at a better time after the recent movie-style heist where robbers got away with over US$100 000 of plantation workers' salaries," said Mr Tembedza.

"With EcoCash Payroll, we remove the risk associated with employers carrying large sums of money to pay their staff."

In an effort to bolster revenue from voice calls, which is stagnating as the business matures, SMS and data, Econet Wireless has since introduced a number of overlay service or value added services riding on its extensive infrastructure spanning the entire country.

The value added services for Econet subscribers include mobile phone-based savings account EcoCashSave and cellular phone-based insurance service Eco-Farmer.

Zimbabwe is faced with a deepening liquidity crunch, which has seen workers desperate for cash besieging banks.

However, this is a problem that using virtual money can solve, allowing customers to use, receive and access their money as and when they need it. Econet Services CEO Mr Darlington Mandivenga said EcoCash Payroll was already being offered by EcoCash, adding the recent robbery in the Eastern Highlands highlighted that many companies were still unaware of the product and the convenience it offers.

"The model of EcoCash is simple; we go where the need is, and help is the smallest. There is a massive need in our market for the service that EcoCash offers, and it has been a very busy year for us," he said.

EcoCash Payroll allows for the payment of employee salaries, wages, allowances and all other forms of bulk payments.

Funds paid by the employer are credited directly into the beneficiary's EcoCash account, which means the worker will not have to queue at the bank to draw their salary.

A user simply completes an EcoCash application form, deposit money into the EcoCash Payroll account, send payment instructions with details of the payees to EcoCash, and EcoCash will process the payroll file.

The recipients will then receive instant short message service confirmations. Between December 2013 and March 2014, processing of EcoCash Payroll for registered organisations would be free. "EcoCash Payroll offers security, cost savings, convenience and efficiency to the payer while to the payee it offers security, cost and time savings, convenience and the money can be used to pay bills, groceries, savings and so much more," Mr Tembedza said.

Several organisations, among them CIMAS, city councils, food and agriculture organisation and National Parks and Wildlife Authority are already using the EcoCash Payroll to pay their workers and customers.