Breaking News

EcoCash creates 5 000 jobs

by Business Reporter
15 January 2013 | 4547 Views
Econet Wireless Zimbabwe says it has invested over US$50 million in its mobile phone based money transfer service, EcoCash, creating more than 5 000 jobs.




The mobile telecommunications company said that the service has transformed the lives of many people, mostly in rural areas.

EcoCash, Zimbabwe's fastest growing mobile money transfer service, has allowed millions of people without traditional bank accounts to access basic financial services.

Econet Wireless has since signed up several banks and retailers to expand the distribution network of the EcoCash service.

This has also helped reduce the problem of small change in a country where there is shortage of coins following introduction of the US dollar as the main transaction currency.

The range of benefits also includes more secure ways of carrying money, convenient payment of bills, buying airtime top up and checking of bank balances and statements.

"Econet Wireless has enabled nearly two million Zimbabweans, the majority of whom did not have bank accounts, to have access to basic financial services through EcoCash," Econet spokesman Mr Ranga Mberi said.

"Most of these people live in rural areas where there are no banking facilities and EcoCash has become their economic lifeline.

"Econet has to date invested more than US$50 million to make this possible, in the process creating more than 5 000 new jobs in the economy," Mr Mberi said in a statement.

EcoCash has transformed the mobile phone money transfer landscape much the same way Econet Wireless broke into the telecommunications sector when it started in 1998.

After Econet fought tenaciously to gain space in the sector about 10 million Zimbabweans now have mobile phones.

The success of EcoCash service is shown by the fact that in just over 12 months, an additional million people now have access to financial services compared to less than one million who were serviced by Zimbabwe's banks combined.

EcoCash is providing an essential money transfer service to millions of Zimbabweans and it was confident of further growth this year as more retailers sign to partner with Econet.

Further, other distribution channels are developed, Mr Mberi said. Econet was also aware that there would always be some institutions in the financial sectors that were worried about the impact of EcoCash on their business.

But Econet Wireless was also pleased that the majority of banks in Zimbabwe have embraced the Ecocash service.

EcoCash Jobs Econet

Source: TH

Comments

Latest News

Tsvangirai must come out clear on homosexuality

by Tafara Shumba | 06 May 2016 | 174 Views

The Truth: Only Christians in Politics Can Improve Society - Ever sinc...

by Wilbert Mukori | 06 May 2016 | 102 Views

The Truth: Only Christians in Politics Can Improve Society - The world...

by Khumbulani Maphosa | 06 May 2016 | 101 Views

Chinamasa ignorant of how much PSMAS owes employees

by Stephen Jakes | 06 May 2016 | 309 Views

MP confront Minister over NRZ workers problems

by Stephen Jakes | 06 May 2016 | 447 Views

Zanu PF MP accuses BCC of not fully utilising ZINARA allocation

by Stephen Jakes | 06 May 2016 | 357 Views

Overcrowding rocks Harare flats

by Stephen Jakes | 06 May 2016 | 394 Views

Zapu reshuffles RSA province

by Stephen Jakes | 06 May 2016 | 316 Views

Pastor apologizes for raping and murdering woman - UKHOZI FM’s forme...

by Staff Reporter | 06 May 2016 | 565 Views

Mutilated body of a boy found - A 12-year-old boy was found dead, with...

by Staff Reporter | 06 May 2016 | 481 Views

I’d never sabotage Bossosays Knox Mutizwa - HIGHLANDERS striker Kno...

by Sikhumbuzo Moyo | 05 May 2016 | 747 Views

Prophet Magaya hosts miracle night - Prophetic Healing and Deliverance...

by Staff Reporter | 05 May 2016 | 1134 Views

Warriors coach 'Pasuwa' gets April salary - THE payment of Warriors co...

by Takudzwa Chitsiga | 05 May 2016 | 1323 Views

Economists speak on cash shortages in Zimbabwe - The low uptake of the...

by Staff Reporter | 05 May 2016 | 2053 Views

Watch: Babongile drops bond notes anthem - No to bond notes...

by Staff Report | 05 May 2016 | 2624 Views

Zanu-PF appoints National Appeals and Review Committee - The Zanu-PF p...

by Staff reporter | 05 May 2016 | 1201 Views

Harare shuts out Mushore - The Harare City Council has ordered that M...

by Staff reporter | 05 May 2016 | 1624 Views

Zapu Bulawayo Province Applauds Democratic Parties Statement On Labour...

by Mkhululi Zulu - Zapu Provincial Secretary for Information And Publicity Bulawayo | 05 May 2016 | 1001 Views

'People of Zimbabwe celebrated Independence day with heads bowed' - "I...

by Wilton Nyasha Machimbira, a Political Scientist | 05 May 2016 | 1095 Views

Minister caught on camera pleasurising himself - The Deputy Minister o...

by Staff reporter | 05 May 2016 | 3861 Views

Zim prostitutes sell sperms in South Africa at $30 per bottle - Zimbab...

by Staff reporter | 05 May 2016 | 2710 Views

Tsvangirayi supporter murders Zanu-PF official, found not guilty - A M...

by Staff reporter | 05 May 2016 | 1316 Views

Dembare winger hospitalised - Dynamos winger Valentine Ndaba is recove...

by Staff reporter | 05 May 2016 | 1705 Views

'Plagiarism claims extravagant,' rules judge - Online business publica...

by Staff reporter | 05 May 2016 | 1159 Views

Entertainment

Dr Rebecca Malope to perform in Birmingham

by Admore Tshuma | 04 May 2016 | 2574 Views

Charambas to unleash new gospel videos - Gospel music star Charles Cha...

by Staff reporter | 04 May 2016 | 1325 Views

Muna Hacha Maive Nei? The first speculative fiction novel in ChiShona ...

by Stephen Jakes | 04 May 2016 | 1466 Views

Tupac's mother, Afeni Shakur Davis, dies at 69

by Staff Reporter | 04 May 2016 | 3094 Views

'Ekhweni lami' a classic value for money project

by Vusmann | 03 May 2016 | 2701 Views

Macheso relishes SA tour - "We have performed in South Africa before, ...

by Tawanda Marwizi | 03 May 2016 | 2193 Views
iBlog

Apple Watch Teardown Reveals Unique Hardware And Replaceable Parts

The apple watch may not be fine jewelry, but bill detwiler cracks it open and shows you why he thinks it's a fine piece of tech. the apple watch may be beautiful on the outside, but how about on the inside? in this cracking open installment, we go in... Read More
Sergey 11 June 2015 ago

Five Reliable Outlook Pst File Repair Tools

Outlook pst files can become corrupted -- and when that happens, work grinds to a halt. if your organization relies on outlook, one of these tools could save the day. outlook is the industry standard groupware tool. let's take a look at five that can... Read More
ITnews 04 May 2015 ago