Zimpapers Writer
ZIMBABWE’S largest and leading fintech platform, EcoCash has launched a new international money transfer service that allows customers to send money from Zimbabwe to several other countries.
In a statement on Wednesday, the company said using the service, EcoCash customers will be able to send money to several countries, including South Africa, Zambia, Botswana, Kenya, Malawi, Rwanda, the DRC, Ghana, Lesotho,
Uganda, China (Alipay) and many more.
The latest development marks a bold step in the evolution of digital remittances in the country, as EcoCash shifts from being solely an in-bound remittance platform to be able to seamlessly offer outbound money transfers to the world.
“The service offers a fast, secure and affordable way for EcoCash customers to send money abroad for everything – from school fees and medical bills to business payments,” said the company.
“EcoCash users will now be able to send money directly to a recipient’s bank account or to their mobile wallet.”
Under the new model, an EcoCash customer in Zimbabwe will now be able to send money directly into Safaricom’s
Mpesa wallet in Kenya, for instance.
According to the company, all South African banks had already been activated for the service, with many more countries – including European and Asian countries – coming on stream soon.
Zimbabwe has one of the largest diaspora communities in Africa. While remittances from abroad have traditionally been a lifeline for families back home, the flow of money is increasingly going in both directions, with parents needing to pay school fees support for their children studying abroad, and businesses seeking to pay suppliers across borders.
This is over and above the frequent need for many individuals to cover emergency travel and healthcare expenses abroad for themselves or their loved ones.
“The needs of our customers are evolving and this new service will address that,” said EcoCash.
The launch is expected to disrupt a market dominated by traditional money transfer services requiring customers to visit physical agents to pick up cash.
However, EcoCash’s digital-first model offering direct transfers into customers’ bank accounts or mobile wallets, removes those barriers, providing increased convenience, speed and cost savings for senders and recipients alike.
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