This is the first time that physical
Speaking at the launch of the
"The adoption of electronic payments is critical to
Currently 40 percent of Zimbabweans are financially excluded and another 22 percent rely on informal financial products or services.
This new innovation is set to reduce the demand placed on banks for scarce and costly currency.
For the first time, EcoCash customers will be able make use of their EcoCash funds in ways previously closed to them.
EcoCash chief executive Mr Cuthbert Tembedza said the integration of these products and services are particularly exciting for EcoCash customers.
"We look forward to offering Zimbabweans ways to benefit from the security and convenience of electronic payments as they engage with, and contribute to, the formal economy," said Mr Tembedza.
Over 85 percent of retail payments globally are still carried out using cash or cheque, with the percentage being much higher in
As a payment option, cash takes time to get, is riskier to carry, and cash costs society as much as 1,5 percent of GDP, depending on the country.
Mr Tembedza said it is for these reasons that Governments are now driving the conversion from cash to electronic payments as they begin to realise the benefits of a cashless society.
A cashless society enhances increased transparency, cost effectiveness, financial inclusion, foreign investment and economic growth.
"Demonstrating the value of close collaboration in the financial services and payments technology industries, EcoCash and
"As EcoCash enables its customers to benefit from
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