Kiyapili Sibanda, Business Reporter
ECONET Wireless’ mobile banking facility EcoCash has partnered with Central Africa Building Society (CABS) to enhance customer banking and merchant services.
In a joint Press statement, the two parties said the partnership would result in the rolling out of a first of its kind, unique point of sale integration solution, which allows EcoCash users to simply enter their mobile number at retailers’ integrated or stand-alone point of sale devices.
“EcoCash pin validation is done via the customer’s registered mobile device. To ensure the ecosystem is balanced end to end, banking services have also been introduced for CABS customers that hold EcoCash wallets.
“To enjoy the convenience, customers can transfer funds between CABS and EcoCash and from EcoCash to CABS in real-time, 24/7,” read the statement.
EcoCash general manager Mrs Natalie Jabangwe-Morris said their aim was to promote digital payments by fostering synergies between banks and EcoCash in a drive to cement its growing electronic payments ecosystem.
“Our aim is to promote digital payments by fostering synergies between banks and EcoCash ensuring a drive towards attainment of cashless payments. There has been no better time to consolidate with banks, particularly CABS, as we provide greater convenience for customers to overcome the challenges of the liquidity crunch,” she said.
Managing director of CABS Mr Simon Hammond said they were pleased to partner with EcoCash adding that it was important for the industry stakeholders to jointly develop and promote alternative payment solutions in the market.
“We are pleased to partner with EcoCash as it becomes increasingly important for industry stakeholders to jointly develop and promote alternative payment solutions in the market. Our customers will not only enjoy the convenience of transfers between EcoCash and CABS. EcoCash customers will leverage on the direct integration of EcoCash with our merchant point of sale, to improve the EcoCash user experience across CABS’ base of over 5 500 merchants country wide,” he said.
Econet chief executive officer Mr Douglas Mboweni said they were continuously working in partnership with both local and international financial service providers.
“Our organisation is continuously working in partnership with both local and international financial services stakeholders to ensure that we create a rich and relevant ecosystem that provides added convenience to all our customers at both a domestic and international level,” he said.
Meanwhile, the two entities said their partnership comes at a critical time when Zimbabweans are experiencing cash shortages.
“There is no doubt that EcoCash is moving swiftly to integrate the banking system directly with its ecosystem, given, the cash crisis. Growth in the digital ecosystem is vital for the adoption of electronic payments which is crucial for the economy.
“It is important for financial service providers to provide solutions that lessen our dependence on cash. The scale of this partnership will provide notable benefit to our respective customers. CABS point of sale retail network includes OK Zimbabwe Group, TM and Pick n Pay Group, and the Spar Group amongst many others,” it revealed.