Zimbabwe’s EcoCash Records $70 Million a Month in Mobile Money Transactions


Money money transactions is Africa is growing at an amazing rate. The likes of M-Pesa (the Kenyan grandfather of mobile money), Mozambique’s mKesh, Easywallet in Nigeria, Kenya’s PesaPal, Ghana’s OzinboPay have recorded significant growth since launch. EcoCash, a mobile money service from Econet Wireless allows Zimbabweans to send and receive money quickly and easily with their mobile phones.

Econet Wireless Zimbabwe CEO Mr Douglas Mboweni announced at a press briefing on the company’s half-year financial results to the end of August 2012 that, money transfers made by urban dwellers to rural areas through it’s EcoCash have reached $70 million. 

A total $300 million has been transacted since launch, and the service now has an agent network of more than 1,600.
He said EcoCash was now the most success­ful money transfer service in Africa after M-PESA in Kenya, which has over 14 million users.

The service allows registered members to receive money to their EcoCash wallet. Money received onto the wallet can then be withdrawn from the wallet at the  nearest EcoCash Agent. Non-registered members can  take the code they receive via SMS to any EcoCash agent to redeem their cash.

EcoCash now has 1,7 million subscribers up from one million when it was launched last year.