Zimpapers Logo

EcoCash Holdings Zimbabwe Limited has intensified its remittances drive by allowing customers to easily move United States dollars across the country through formal channels, a move expected to bring public convenience and boost Government coffers.

The listed technology group, through its financial technology services unit, has made foreign currency transactions seamless from Steward Bank to customers’ EcoCash FCA wallet, while at the same time allowing customers to pay for goods and services in US$ at the click of a button, from the comfort of their homes or work places.

For instance, customers can now easily purchase Zesa electricity tokens or settle their monthly insurance premiums using their EcoCash FCA wallet. This was after the national power utility, Zesa Holdings, and Nyaradzo — among other organisations — recently advised their clients that starting from November they could buy electricity tokens or pay their insurance premiums in US dollars.

The Mukuru Bureau De Change

On its part EcoCash, Zimbabwe’s largest mobile money platform, has since April this year been helping its customers to send foreign currency to their loved ones across the country after it launched its domestic remittance services.

The EcoCash FCA remittance service is secure and efficient, and also affordable and easily accessible by anyone living in Zimbabwe, with guaranteed cash collections at Econet Shops and Steward Bank branches all over the country.

The great news is that customers Cash-In for free and only pay 1.3% when sending money, while those withdrawing or Cashing-Out will only be charged 1,4 percent.

On the other hand, Steward Bank added more than 100 agencies to its domestic remittance network to enable customers to send and receive US dollars anywhere across the country.

EcoCash

Steward Bank, Zimbabwe’s largest bank by customer base, launched the local United States dollar remittance service, known as StewardRemit, a year ago and the service has become popular with both the financial institution’s clients and non-customers alike.

StewardRemit enables customers to send up to US$500 per transaction with a maximum of US$2 000 per calendar month within Zimbabwe at a charge of only 2 percent — the lowest foreign currency transaction fee in the country.

The transaction limit for non-Steward Bank walk-in users is set at a minimum of US$5 per transaction, and a maximum of US$250 per transaction, capped at US$1 000 per calendar month.

StewardRemit is designed in such a way that senders or receivers are not required to have a bank account with Steward Bank.
On collection, the recipient of the funds is only required to present his/her National Identity document and a transaction reference number.

At the same time, both EcoCash Steward Bank have also partnered with global money transfer firms such as World Remit, Mukuru, Western Union, Moneygram and Mama Money among many others to increase remittance flows to Zimbabwe.
Customers can have the money sent from anywhere in the world directly into their EcoCash FCA wallet or can collect the cash at Steward Bank branches.

The international remittances are providing relief to millions of Zimbabweans in both urban and rural areas as the country’s economy navigates past various challenges.

A recent report by the World Bank showed that while about 70 percent of remittances are used for immediate needs such as food, shelter and healthcare, the other 30 percent is dedicated to building more secure and self-sustaining futures, through better education, savings and investing in assets and income-generating projects.