Econet Wireless is adding a new service to its EcoCash offering which will allow customers to use the service as an interest-earning savings account.
This has the potential to provide millions of “unbanked” Zimbabweans with a bank account.
The service allows EcoCash customers to move money from their eWallet to an interest-bearing account. This is a substantial blow to the country’s banks, which tend not to provide interest for deposits of less than $800. However, Econet has confirmed that its EcoCashSave deposit account “will give interest even on $1 as long as the money has been there for 30 days.”
The company has stated that its new services “is aimed at millions of people in the country who until now could not open bank accounts, because the amount of money they deal with is considered too small by banks. It is also intended for the informal business sector, including street vendors, to have access to banking services.”
The money held in EcoCashSave accounts is held by any of the banks that are integrated to the EcoCash system. It is also possible to move money from an EcoCashSave account to a normal bank account and vice versa, without incurring any charges.