Zimbabwe: Ecocash Pins Hopes On U.S.$ Transfer Product

EcoCash Holdings Zimbabwe Limited (EHZL) has expressed optimism that the new US$ transfer product introduced recently will be a key market driver which will augment the already growing mobile money business segment.

In a recent update Ecocash company secretary, Charmaine Daniels said the product launched in the quarter ended May 31 2022 is set to spur growth.

"During the quarter, EcoCash (Private) Limited launched its Domestic Money Transfer, a convenient option of sending and receiving US dollars across the country. The impact of this is expected in the subsequent period as the market adopts the product," she said.

During the period, growth of 38% was witnessed on wallet funding as customers continue to prefer mobile transactions over other payment platforms.

The mobile money business also saw a 3% growth in transaction volumes when compared to the prior quarter due to an increase in customer activity with the segment also expected to continuously improve its performance going forward driven by new innovations.

In the banking sector, Steward Bank continued to leverage on its investment in technology, to deliver tailor made service and solutions to offer convenience and satisfaction to its wide range of customers.

"The Bank's interest-earning assets portfolio grew by 3% from the last quarter on the back of an increase in underlying business and customer deposits.

"In the first quarter, the Bank launched the Foreign Currency Account (FCA) on Square, an innovation that digitizes all FCA related transactions on Mobile App, allowing customers to transact through their phones," said Daniels.

The Life business has started offering USD denominated products in the period under review and there is a steady growth of 3% on the uptake. The Group remains focused and committed to growing this segment through providing inclusive insurance solutions both within the life and non-life business.

Vaya Technologies' growth continues to be anchored on the HealthTech business as demand for health services continues to be high.

The HealthTech products are also being bundled with other group products as part of the Group growth strategy. Over 100,000 customers have been boarded onto the MARS-EcoCash capitation model.

"The group's performance will remain constrained by the deteriorating operating environment. We will continue to leverage on our digital platforms to innovate and meet the changing needs of our customers.

"We believe that we have the right products, strategies, and team to ensure that the business can weather the current challenges and emerge stronger as the economy recovers in future," added Daniels

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