Business / Companies
EcoCash accounts for more than 60% of WorldRemit transfers to Zimbabwe in 3 months
23 Aug 2014 at 11:59hrs | Views
London - More than 60% of all money transfers sent to Zimbabwe through WorldRemit are now received on EcoCash, it was revealed today.
The significant landmark comes just three months after WorldRemit and Econet Wireless announced a partnership to promote EcoCash as an option for money transfer recipients.
EcoCash Diaspora uses WorldRemit's award-winning service to enable instant money transfers to Zimbabwe from around the world.
WorldRemit's founder and CEO, Ismail Ahmed said: "The popularity of EcoCash as a way of receiving money transfers in Zimbabwe is striking. Clearly this was a service that people in Zimbabwe, and their friends and family overseas really wanted.
"Zimbabwe is one of 9 countries in the world where more people use mobile money than have bank accounts. The partnership between WorldRemit and EcoCash is all the more important as it enables many unbanked people to have access to vital financial services."
Ecocash, which is Zimbabwe's leading mobile money transfer service, launched in 2011 and currently has in excess of 4 million subscribers. 43% of Zimbabwe's annual GDP moves through the service.
EcoCash is ranked as one of the eight fastest growing mobile money systems in Africa. Its rapid growth ensures that almost anyone in the diaspora can send a remittance to someone in Zimbabwe via EcoCash.
Econet Services International Chief Executive Officer Mr. Darlington Mandivenga encouraged Zimbabweans in the Diaspora to fully utilise the WorldRemit-EcoCash remittance service for its increased convenience, flexibility, speed and security.
Econet Chief Executive Officer, Mr. Douglas Mboweni said: "This is a milestone for Econet as we lead the way in receiving remittances, just as we have lead the way in mobile money in Africa. We will continue to expand our range of services for the convenience of our customers, and to contribute to the development of Zimbabwe's economy."
The update on EcoCash transfers through WorldRemit was revealed by executives from both companies at a joint media event in London, ahead of the Annual Zimbabwe Diaspora Festival - part of a weekend-long programme of events for the UK's Zimbabwean community.
WorldRemit is an online service that lets people send money to friends and family in other countries. Customers can use WorldRemit anywhere, anytime on their computer, smartphone or tablet.
For those receiving money, WorldRemit offers a range of options including bank deposit, cash collection, Mobile Money, and mobile airtime top-up.
With low fees and guaranteed exchange rates, WorldRemit is bringing fair, transparent pricing to the money transfer industry.
The service is available in 50 countries and sends to more than 100 destinations.
In March 2014, WorldRemit received $40m funding from Accel Partners.
WorldRemit's global headquarters are in London, UK with regional offices in USA, Canada, Australia, New Zealand and Hong Kong.
Source - Byo24News