Kiyapili Sibanda, Business Reporter
FBC Bank has linked its services to Econet’s mobile banking facility, EcoCash, joining nine other banks whose operations were already integrated to the platform.
The move is meant to enhance convenience to depositors at a time when the economy is facing cash shortages, which have forced many to embrace use of plastic money. Banks that have already joined the EcoCash sphere include CBZ, BancABC, ZB Bank, AgriBank, NMB, Stanbic, Steward Bank, POSB and CABS.
“FBC is now linked to EcoCash. You can move money from bank to wallet using FBC mobile banking,” said Econet in a statement.
“Customers can now move funds from their bank accounts to EcoCash accounts or from EcoCash wallets to their bank accounts.”
FBC depositors have also confirmed that the facility was already operational.
Due to biting cash shortages in the economy since last year, many Zimbabweans are migrating to plastic money and mobile money use when conducting various transactions. The Confederation of Zimbabwe Retailers recently reported that electronic transactions had reached 70 percent countrywide.