Business / Companies
Econet drives towards cashless society
30 Jul 2014 at 11:11hrs | Views
Econet Wireless Chief Executive Officer Douglas Mboweni has predicted that Zimbabwe will be the most "cashless" country in Africa by the end of this year.
Speaking at the launch of the company's latest innovation known as the EcoCash MasterCard, a debit and credit card supported by global card company MasterCard, Mr Mboweni said: "From the outset, we have always believed that our main competitor is paper money in the form of banknotes. We want Zimbabweans to buy and sell goods without using bank notes."
He said the tight availability of bank notes in an economy such as Zimbabwe that used multiple currencies had created an opportunity to create the first truly cashless country in Africa.
He revealed the more than 50% of the adult population of Zimbabwe now used EcoCash. Transactions on the platform had already crossed $400 million per month, which is nearly $5 billion per year.
The EcoCash Card has been launched to make it easier for people to purchase goods using EcoCash. Unlike a normal debit card, the EcoCash Card can be used by someone who does not have a bank account.
It can be used anywhere in the world, and will also allow for Online commerce. The company plans to release three million such cards, he said.
Speaking at the launch of the company's latest innovation known as the EcoCash MasterCard, a debit and credit card supported by global card company MasterCard, Mr Mboweni said: "From the outset, we have always believed that our main competitor is paper money in the form of banknotes. We want Zimbabweans to buy and sell goods without using bank notes."
He said the tight availability of bank notes in an economy such as Zimbabwe that used multiple currencies had created an opportunity to create the first truly cashless country in Africa.
He revealed the more than 50% of the adult population of Zimbabwe now used EcoCash. Transactions on the platform had already crossed $400 million per month, which is nearly $5 billion per year.
The EcoCash Card has been launched to make it easier for people to purchase goods using EcoCash. Unlike a normal debit card, the EcoCash Card can be used by someone who does not have a bank account.
It can be used anywhere in the world, and will also allow for Online commerce. The company plans to release three million such cards, he said.
Source - Byo24News
