The London School of Economics says the award is for the company that moved quickly to dominate an emerging market category, typically with a different and better business model than the first mover.
Cassava Smartech, the pan-African Technology Company's Mobile Money Business EcoCash was launched in 2011 as a fast follower to the Kenyan based Mobile payments giants PESA's in addition to One Money, then, the state-controlled telecoms company NetOne.
Like Kenya's better-known M-Pesa, Cassava's EcoCash allows for transactions ranging from bill payments, merchant payments and micro insurance to banking services through a platform interlinked with Zimbabwe's financial service companies. But EcoCash rejected the first-movers' 'one-size-fits-all' business model in favour of a customer-oriented product that embraces the financially marginalised, enabling users to send money to loved ones, buy airtime, and pay for goods and services directly from a mobile phone.
With only 10% of the adult population banked, the platform capitalised on widespread deep distrust of the banking system and, through superior expertise, execution efficiency and a vision to turn Zimbabwe into a cashless society, proceeded to make its national rival defunct with lightning speed.
With more than eight million registered users - representing 80% of the adult population - EcoCash today has almost two and a half times more customers than the banks and currently processes 99% of all mobile money transactions in Zimbabwe, representing an enormous 54% of the country's GDP. It is the uncontested 2017 recipient of the flagship Mobile World Congress Glomo Award - Best Payment Solution in the world.
EcoCash has been nominated with three other companies namely, Airtasker, VHR and Winnow.
