EcoCash launches remittance service in South Africa
By Staff reporter | 08 Mar 2019 at 17:10hrs
EcoCash, Cassava Smartech Zimbabwe's mobile money Fintech business, has partnered with Cassava Fintech South Africa to provide an enhanced cross-border money transfer service from South Africa to Zimbabwe.
Announcing the launch of the service, Cassava Fintech International Group Chief Executive Officer Mr Darlington Mandivenga said he was confident the service would do very well and meet a growing customer need across the continent.
He said Zimbabweans living in South Africa would now be able to send money to recipients in Zimbabwe by initiating a money transfer request through a few simple steps.
"They can now simply log onto the EcoCash SA App, or visit www.cassavaecocash.co.za to sign up and start sending money. Customers can also visit any of the over 160 000 partner outlets in South Africa to send money home. The money will immediately reflect in their EcoCash FCA mobile wallet, and an SMS confirmation sent to the recipient of the funds in Zimbabwe," Mr Mandivenga said.
He said every EcoCash line in Zimbabwe already included an FCA wallet on its existing menu from which a customer can send money to another customer's FCA wallet locally.
"They can also buy goods and services in foreign currency, using the FCA wallet, and enjoy huge discounts in most retail shops, as well as meet their foreign obligations, pay for VISA applications and do online payments – including DStv and Netflix subscriptions, among many others," said Mr Mandivenga, adding that one could now also access funds from their FCA wallet through the EcoCash MasterCard Debit Card from anywhere in the world.
Mr Mandivenga said Cassava's value proposition had unique add-on services, such as the ‘Cassava Home Wallet' and the ‘Breadwinner' services which offer remitting customers unique benefits not offered by its competitors. He said the Home Wallet service enables customers to open mobile money wallets in their countries of origin and send money into these wallets from anywhere in the world.
"The funds can be used to perform all mobile money wallet functions the customer would perform in his home country, including paying utility bills, buying groceries for loved ones and paying school fees for their dependents," Mr Mandivenga said.
He added that this would reduce the risk of abuse and misuse of funds for purposes other than what the sender intended. The Breadwinner service was a death benefit cover that pays out benefits to a customer's designated beneficiary in their home country, should the customer pass away.
The benefit is available at no additional cost to the customer, provided they use the Cassava remittance service consistently over a period of time," said the senior Cassava executive, who has been at the helm of the Econet Group's Fintech business since 2011.
Meanwhile, Cassava Smartech Zimbabwe Ltd CEO Mr Eddie Chibi welcomed the new service, saying among many African markets, Zimbabwe stood to benefit the most from the enhanced money transfer service, given the large number of Zimbabweans who live and work in South Africa.
"We are excited at this development knowing fully well that Zimbabweans will be the prime beneficiaries of this enhanced offer, and considering that there are millions of Zimbabweans who work or regularly do business with our neighbour South Africa," Mr Chibi said.
"Millions of Zimbabweans with breadwinners working across the Limpopo can take heart in the fact that they now have an even more convenient way of receiving money or having groceries and other needs met hassle-free, with the same level of security they are accustomed to across all Cassava services," said Mr Chibi, whose company is listed on the Zimbabwe Stock Exchange.