Harare — ECO-CASH Savings Club, the offering by Econet Wireless Zimbabwe and Mahindra Comviva, has received a global award for empowering women in the developing world.
The solution won the Best Mobile Innovation for Women in Emerging Markets at the Global Mobile (GLOMO) Awards 2018, announced at the Mobile World Congress in Barcelona, Spain on Tuesday.
EcoCash Savings Club is managed by Cassava Fintech, is a specialised Pan-African Fintech company that delivers innovative digital transaction solutions across the mobile ecosystem.
In 2017, EcoCash, another solution by Econet, was also recognised as the best mobile payment service in the world at the GLOMO Awards.
EcoCash Savings Club supports savings groups across Zimbabwe.
Savings clubs earn interest on all pooled funds starting from $1 after every 30 days. Econet, in partnership with the Organisation For Public Health Interventions (OPHID) – a Zimbabwean organisation – worked with groups of women countrywide to refine the EcoCash Savings Club.
EcoCash Savings Club is aimed at millions of people, who until now have been performing group savings informally without access to the formal banking channels because they are not recognised as financially eligible by mainstream banks.
More than 30 awards were conferred at GLOMO Awards 2018.
“Congratulations to all of the winners and nominees of the 2018 GLOMO Awards,” said Michael O’Hara, Chief Marketing Officer, Global System for Mobile Communications (GSMA).