EcoCash creates rural economic opportunities

AT least $100 million monthly is being transferred from the country’s urban centres to rural areas through Econet Wireless mobile money transfer EcoCash resulting in a significant impact on the rural economy.


Figures released by mobile phone operator Econet showed that millions of dollars were being moved into rural areas.

The money is being used to buy goods from local shops and to pay for services, including school fees. EcoCash has been opening up new economic possibilities for people in rural areas who up to now have struggled to see money circulate to them. Econet Wireless Services chief executive officer Darlington Mandivenga said the observations were in line with other countries in Africa that have similar services.

“Mobile money benefits people in rural areas. It helps them access financial resources even in very small amounts and this all adds up to a healthier economy all round,” he said.

Mandivenga said liquidity was a big problem because when people receive money via EcoCash, they sometimes find it difficult to get the cash from local agents.
He said Econet was tackling the problem with its usual innovative approach.

“We are solving this problem by getting traders to accept payment in EcoCash and then get their money from us,” Mandivenga said.

“We are systematically tackling these problems and the growth of the amounts being transacted shows people are gaining confidence.”

Mandivenga said Econet was now working on introducing a platform for people in the Diaspora to send money home.

“Within a few months, we will make it possible to send money from anywhere in the world at a fraction of the current cost and in an instant,” he said.

Money from the Diaspora is key to fuelling economic growth, but a lot of it never gets into the country because it is taken up by middlemen. Econet believes that money from the Diaspora would double or treble if a cheaper and faster solution was implemented.

This alone could eliminate problems of liquidity in the country and further boost economic recovery.

“We know its importance to the country and we are working hard on this solution,” he said.

21 Responses to EcoCash creates rural economic opportunities

  1. Great Zimbabwe January 3, 2013 at 9:36 am #

    I believe this is great news to the country, where technology is tackling development in a pragmatic manner. They (Econet) have done a splendid job. Regarding diaspora remittance system, you should expedite its implementation…the country is set to benefit as long as the costs are reasonable!

  2. manheru January 3, 2013 at 9:57 am #

    thats a great development in zimbabwe. nevertheless, they should lower their charges for many people to embrace the development

  3. Jabulani Tshuma January 3, 2013 at 10:32 am #

    This is innovation at its best. People have to benefit from such investments. Thank you Econet.

  4. Solokkn January 3, 2013 at 10:35 am #

    Zimbabwe can only get better.thanks to people who have not lost hope about great country.God to reward us with Gold rush.double story house with swimming pool ku mbare.highfield and epworth

  5. P Moyo January 3, 2013 at 10:42 am #

    This is true empowerment, not the stupid one off election gimmicks being thrown around by ZanuPF. A country develops on infrastructure and that should be the main business of a focused and competent govt. It is now left to the Masiiwas of Zim to take the initiative and ironically such people are considered a national security threat because they dont support ZanuPF.

    • Joseph January 6, 2013 at 2:19 pm #

      Really observations, I like that.

  6. Patience Jele January 3, 2013 at 11:25 am #

    It might be of great help but their charges are too high. As much as you are innovative Econet, make sure your charges are such that everyone can embrace your innovativeness

  7. lebron January 3, 2013 at 1:30 pm #

    thr is already a service helping people to send money to Zim 4rm S.A…its called

    • Hacha Ndizvo January 3, 2013 at 3:23 pm #

      Does your mother have in Bhegedhe were you come from? Does the trader at the local shop know anything about this Tikwanire wazvinzwa.

  8. Mupfana weBikini January 3, 2013 at 4:03 pm #

    Econet we have always supported you, however paXmas apa you failed when it mattered most. System yenyu yakajema naiwo maBuddie zone enyu emahara iwaya. I was greatly inconvinienced.I couldnt 4n or send money neEcocash zvichiramba. Chiregaiwo kuita semaCity council ane poor service.Mudzimewo chianswering machine kucall centre kwenyu, its a nuisance- davirai nekukasika.Maraini mumashop enyu honai zvamungaita don’t wait kuti tikomburene

  9. Chinja 4life January 4, 2013 at 12:21 am #

    Big up Econet keep up the good work you are doing. you are the beacon of the country and i for one will support you big time especially when you include the diaspora so that we can be able to send money kune vari kumusha. I am lookinf foward to the service. Local is lekker

  10. ajaba kipesile January 4, 2013 at 10:56 am #

    ecocash ka1

  11. Tshila January 4, 2013 at 2:30 pm #

    Econet for life, we appreciate this kind of service, keep it up. This is the real, “NATIONAL EMPOWERMENT” powered by a real citizen. looking forward to more products. Big up Sir. Masiiwa.

  12. Chokwadi January 4, 2013 at 8:58 pm #

    The Ecocash is a very useful idea but when you send money they charge you when it is received they are charge for getting the cash. I am sure Econet is supported by everyone in the country they must in turn do a good and reasonable charges They charge more than commercial bank . Please Econet you are the most money making company in the country help the people with cheaper charges

  13. MASIIWA NDIZVO January 5, 2013 at 10:07 am #

    Ecocash economic cash empowerment, make it a global cash transfer platform. May God keep on inspiring Econet Product Development Team. Take not hakusi kugona kwenyu asi kuti ndi Mwari, saka rambai muri panaShe, zvisimbe zvichi fire. i heard you bought TN Bank, saka its true ka kuti there will be only one bank in Zimbabwe, EcoCash Bank and others

  14. no January 5, 2013 at 5:31 pm #

    Ecocash is overated and too expensive..its not even mobile banking..just remittance..wonder if they have a banking license and RBZ knows what mobile banking really is..such a ripoff..

  15. Joseph January 6, 2013 at 2:24 pm #

    Hazvisungisi mutape kuramba makanyarara kana musina chekutaura!

  16. mudzidzi January 6, 2013 at 2:31 pm #

    but panembavha kueconet dzirikushanda nemaagents kubloacker maline dzozotora idzo mari. Plz put security measures to curb such loopholes

    • ad2013 January 7, 2013 at 12:49 pm #

      we need a policy instrument to regulate mobile money transfer transactions, i mean prevention is better than cure. Under what parameters or legislative instruments these guys (econet and net-one) basing their operations, what are the standards that can be be enforced by such watch dogs as consumer council of Zim?

      I am not at all against these innovations (ipersonally use eco cash, a lot!) and i am not calling for stifling laws but i am advocating for some kind of regulation

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