19 June 2019

East Africa: Cassava Wins East Africa Award

Listed Technology Company, Cassava Smartech and Comviva have jointly won the East Africa Com Award in the "Changing Lives" category for Cassava's EcoCash mobile money service.

EcoCash mobile money service enables financial inclusion by banking the unbanked (which according to the Finscop survey that was carried out in 2014 stands at 74 percent of the population)and providing them with access to easily accessible, quick, affordable, secure and convenient mobile financial service.

Cassava Smartech Zimbabwe chief executive officer Eddie Chibi said the listed tech firm remains committed to delivering payment solutions which provide convenience to Zimbabweans.

"We are delighted to win this award for the second consecutive year. We are committed to constantly seeking out new ways to deliver innovative digital payment solutions which provide convenience to our customers, and which help them solve real problems in a meaningful way.

We hope to continue the good work and ensure the growth and prosperity of the mobile money ecosystem in Zimbabwe," said Mr Chibi

EcoCash has partnered with banks for bank-to-wallet and wallet-to-bank transfers, corporate employers for salary payments and with international money transfer for international remittances to accelerate cash inflows.

By partnering with large, medium and small merchants, agents and billers, EcoCash expanded its acceptance network and digitized all major bill and merchant payments, including government payments, such as tax payments and toll payments.

Also speaking on the award, Comviva head of Africa Region Anil Krishnan, said the award demonstrates the company's efforts to bringing fintech solutions with about 80 percent of Zimbabwe's adult population now using EcoCash.

"This award validates our efforts in bringing innovative fintech services to the forefront. Cassava's EcoCash in Zimbabwe is one such service which has replaced cash and is helping in building a cash-light economy.

"Today, more than 80 percent of country's adult population use EcoCash. The service has brought many financially-excluded people into formal financial ecosystem, increasing financial inclusion in the country from below 40 percent to over 80 percent.

"The EcoCash service is powered by Comviva's mobiquity® Money platform. mobiquity® Money delivers a host of mobile money services that transform the way consumers save, borrow, transfer and spend money. It is designed to seamlessly integrate consumer touch points with a wide ecosystem of banks, billers, merchants, agents and third-party payment systems, creating a convergence powered by interoperability," she said

Ms Krishnan also highlighted that apart from delivering convenience to consumers, the solution enables financial service providers to acquire new customers.

"The platform allows financial service providers to acquire new customers, create long-term loyalty with existing ones, and seize new revenue opportunities to increase their footprint in the market."

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