Zimbabwe: EcoCash partners MasterCard

Monday 4 August 2014 08:48 CET | News

Econet’s mobile money service, EcoCash, has partnered MasterCard in order to decrease cash dependence and increase financial inclusion through the provision of electronic payments in Zimbabwe, reports.

The collaboration will result in more than 3 million MasterCard debit cards being issued to mobile money provider, EcoCash’s customers up to 2019. This is the first time that physical MasterCard debit cards are available to people using mobile money services in Africa, and is the largest rollout of secure EMV Chip and PIN payment cards in Zimbabwe to date.

As of now, 40% of Zimbabweans are financially excluded and another 22% rely on informal financial products or services. Through its mobile money products, EcoCash has provided a means for unbanked and under-banked citizens to participate in the formal economy.

By obtaining an EcoCash MasterCard debit card, EcoCash customers will be able to withdraw money from MasterCard-licensed ATMs and pay for goods and services at millions of merchants that accept MasterCard payment cards, both in Zimbabwe and internationally.

Currently, over 85% of retail payments globally are still carried out using cash or cheque, with the percentage being much higher in Africa.

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Keywords: Zimbabwe, EcoCash, MasterCard, cash dependence, financial inclusion, online payments, mobile payments, debit card
Categories: Payments & Commerce
Countries: World
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Payments & Commerce

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