Zimpapers Logo

Business Correspondent

ECOCASH, Zimbabwe’s largest financial technology platform, has introduced an innovative service that allows customers to receive and cash out diaspora funds for free.

The innovative feature eliminates fees and ensures funds are guaranteed in USD at any of EcoCash’s partner outlets, providing an unmatched level of convenience and security.

EcoCash described the new diaspora service as a major leap in the company’s commitment to delivering value to its customers.

“Zimbabwe relies heavily on remittances from the diaspora, and we wanted to create a service that not only makes it easier for families to access these funds but also removes the burden of fees and limits,” the company’s spokesperson said at the launch on Thursday.

“This is part of our broader mission to support economic growth and financial inclusion in Zimbabwe.”

The latest development comes at a time when diaspora remittances have become a vital lifeline for the Zimbabwean economy, contributing significantly to household incomes, education, healthcare, and small business growth.

According to the Reserve Bank of Zimbabwe, diaspora remittances reached US$1.8 billion in 2023 alone, making them a key pillar of foreign currency inflows into the country.

Reserve Bank of Zimbabwe (RBZ)

With the introduction of the Diaspora Services feature, EcoCash customers now have more flexible options to manage their remittance funds.

“We designed this service with our customers in mind. We understand the critical role that diaspora remittances play in sustaining families and communities, and we want to make sure that the process is as seamless as possible,” said the spokesperson.

Once the funds are received from abroad, customers can access the service via the EcoCash app or by dialling the provided code and following the prompts to cash out or transfer the funds to their main wallet. The money can then be used for groceries, school fees, airtime, utility bills, and more, said the company.

The launch of Diaspora Services also aligns with EcoCash’s broader mission of promoting financial inclusion and supporting the free flow of remittances into the Zimbabwean economy.

By eliminating cash-out fees and removing transactional limits, EcoCash is making it easier for customers to access the full value of the funds sent to them from relatives abroad.

The company has partnered with several international remittance services, including Sasai Money Transfer, World Remit, Thunes, and Western Union among others, to facilitate the seamless transfer of funds from abroad.

Such collaboration ensures that customers can receive their money quickly and securely, with the added benefit of free cash-outs.

“We understand that every dollar counts for families who rely on diaspora remittances, which is why we have ensured that there are no hidden fees or limits when accessing these funds,” added the spokesperson.

“This service is about empowerment—empowering our customers to fully benefit from the remittances they receive without the usual financial constraints.”