By Alois Vinga
MOBILE phone-based money transfer company, Ecocash Holdings Zimbabwe Limited (EHZL) has seen US$ transactions value increasing eight-fold as customers take advantage of the convenience brought about by the platform.
Due to changing monetary policies over the years, Ecocash’s US$ transfer platform had slowed down before being re-adopted recently after which it has begun to record a steady rise.
Presenting a trading update for the quarter that ended May 30, 2023, EHZL group company secretary, Charmaine Daniels said significant growth was observed on the platform.
“Mobile Money Adoption and use of our USD wallet on the EcoCash platform has grown steadily during the quarter, with an increase in the number of active users which has resulted in an eight-fold increase in transaction values,” she said.
Daniels observed that customers took advantage of the convenience and reliability of the platform.
The local currency (ZWL) wallet also continued to support government efforts to promote ZWL transactions.
“We launched new features during the quarter, including 3D Secure Payments allowing secure and seamless USD payments for online internet transactions through the EcoCash MasterCard debit card, which has been well received by our customers,” said Daniels.
On the digital banking platform, measurable gains in the Foreign Currency Accounts portfolio consistent with market changes were noted after active FCA accounts grew by 56% compared to the same quarter in the prior year.
VISA Card volumes have also seen improvement by 59% on the back of a growing loan book which had a positive effect on interest income revenue contribution from 20% the prior year to the current quarter’s contribution of 29%.
The insurtech segment was focused on preserving value for customers while offering products that provide flexible and affordable coverage options to our customers with the life insurance subsidiary performing well during the quarter with a growth in US$ policies from 3% in Q1 2023 to 56% in the quarter under review.
“We remain committed to our mission of providing innovative and accessible financial services to our customers. Looking ahead, we will continue to invest in our people, technology, and partnerships to drive growth and deliver value to our customers and shareholders,” added Daniels.
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