Econet starts loan roll out

Econet Wireless prepaid service subscribers are now able to access a maximum of $500 worth of loans using cell phones under Econet's mobile phone savings account.

The mobile phone-based loan facility is being rolled out by Econet's subsidiary Econet Service under its mobile money transfer service EcoCash to prepaid service customers.

According to Econet Service, to be eligible the clients must be holders of EcoCash's mobile phone account EcoCashSave and be active for at least three consecutive months.

This comes after about $20 million was raised from the mobile phone savings account 3 months after its inception with the number of accounts closing in on the one million mark.

In line with regulatory requirements, the EcoCashSave loans will be extended in partnership with a financial institution, Steward Bank, which is also a subsidiary of Econet.