ECONET Wireless’ mobile payment platform, EcoCash, has partnered with Central Africa Building Society, for a unique point of sale integration solution aimed at enhancing customer banking and merchant services.
Econet expects the partnership to cement the growing electronic payments system. The point of sale integration solution allows EcoCash users to simply enter their mobile number at the retailer point of sale pin pad. EcoCash pin validation is done via registered mobile and the transaction is done.
To ensure the ecosystem is balanced end to end, banking services have also been introduced for CABS customers that hold EcoCash wallets. To enjoy the convenience, customers can transfer funds between CABS and EcoCash in real-time, 24-7.
EcoCash general manager Natalie Jabangwe said, “Our aim is to make it more convenient for all banked customers in Zimbabwe to move their funds from their bank and leverage on our large ecosystem of merchants and billers. There has been no better time to consolidate with banks, particularly CABS, as we provide greater convenience for customers to overcome the hassles of the liquidity crunch.”
This partnership brings the cumulative number of banks linked to EcoCash to 9, namely CABS, Steward, CBZ, Stanbic, POSB, NMBZ, Agribank, ZB and BancABC. There is no doubt that EcoCash is moving swiftly to consolidate the banking system directly with its ecosystem, given, the cash crisis. EcoCash will inevitably see increased activity, particularly in payments as it becomes easier for more customers to fund their wallet electronically as opposed to using cash.
“We are pleased to partner with EcoCash as it becomes increasingly important for industry stakeholders to jointly develop solutions that ease the burden associated with cash. Our customers will not only enjoy the convenience of transfers between EcoCash and CABS but will leverage on the direct integration of EcoCash with our merchant point of sale, to improve the user experience across our base of over 6000 merchants country wide,” Mehluli Mpofu, deputy managing director of CABS remarked.
The partnership between CABS and EcoCash comes at a very critical time, where Zimbabweans are experiencing cash shortages. It is thus important for financial service providers to provide solutions that lessen our dependence of cash.
The scale of this partnership will provide notable benefit to our respective customers. CABS point of payment retail network includes Bon Marche, OK group, Pick n Pay, Spar group amongst many others.
Econet CEO Douglas Mboweni said: “Our organisation is continuously working in partnership with both local and international financial services stakeholders to ensure that we create a rich and relevant ecosystem, that addresses the pain points of customers at both a domestic and international level.”