Zimbabwe News and Internet Radio

MBCA, Econet in talks over Ecocash

By Michael Tome and Kudakwashe Mhundwa

Foreign-owned bank MBCA and the country’s largest mobile network provider Econet Wireless Zimbabwe are finalising a deal which will see the bank integrate with the latter’s mobile money platform EcoCash so joining the majority of banks.

MBCA Managing Director and Bankers Association of Zimbabwe president Dr Charity Jinya (left)
MBCA Managing Director and Bankers Association of Zimbabwe president Dr Charity Jinya (left)

The service is expected to go live before the end of August, MBCA managing director Dr Charity Jinya said.

“Our bank is finalising the process of partnering EcoCash. We are just going through the regulatory approvals and once we get that we will roll out the service,” Dr Jinya said in an interview with The Herald Business yesterday.

“We are targeting to complete the integration process by end of August, as we have submitted everything required by the regulators.

“This integration will enhance MBCA operations. We know that EcoCash has a wider customer base; our clients will become flexible as they will also transfer funds to friends and relatives who do not have bank accounts,” she said.

Statistics show that EcoCash currently has a subscriber base of more than 6 million Zimbabweans (out of 13 million) and over $23 billion worth of transfers have been handled over the past five years.

Dr Jinya said the bank will continue to spread its footprint across the country.

“Recently we opened the Borrowdale branch and we will consider opening other branches where we find opportunities,” she said.

MBCA head of marketing and public relations Dedrey Mutimutema is on record saying the bank’s goal is to develop delivery channels that are conveniently located and accessible to its growing client base. The Herald