AITE Group, a global research and advisory firm, has named Ecocash as the winners of the 2019 Digital Wallet Innovation Award in the “Market Adoption” category.
The awards were held at the Mobile Payment Conference in Chicago, US, to recognise innovation achieved by digital wallet providers that are changing the way that commerce is done.
Winners were selected by a global panel of five external experts on digital payments and wallets.
EcoCash is a subsidiary of Strive Masiyiwa’s Econet Wireless company.
Speaking at the awards ceremony, Cassava Smartech Zimbabwe chief executive officer Eddie Chibi said the company strives to improve people’s lives through mobile money.
“At Cassava Smartech, our aim is to help people live better lives through the transformative power of mobile money. We shall spare no effort in driving mobile money services in Africa because we believe that mobile money can do more to improve lives in Africa than in any other parts of the world. In line with this goal, we aim to continuously improve EcoCash services for a better tomorrow,” he said.
Launched in 2011, EcoCash is Zimbabwe’s largest mobile money service.
EcoCash leverages mobile technology to extend digital financial services to the financially underserved consumers.
EcoCash has over 9,8 million registered customers facilitating financial inclusion for 90% of Zimbabwe’s adult population.
It has digitised various financial transactions in Zimbabwe, ranging from domestic and international remittances and merchant payments, to savings and loans, thus creating a cash-light economy. Over 80% of Zimbabwe’s national payment volume is processed through EcoCash.
Comviva head of Africa region, Anil Krishnan said EcoCash services have been a key element in solving Zimbabwe’s cash problems.
“We firmly believe that EcoCash services have been truly transformative as they provided the key to solving Zimbabwe’s cash problem, while improving financial inclusion. We are very happy to receive this award as it validates our ability to make a difference with truly transformative solutions.”
Aite Group senior analyst Thad Peterson hailed the innovations achieved by leading digital wallet providers.