ECOCASH, the mobile money transfer service of
The move is meant to increase financial inclusion in a highly informalised economy as well as reliance on banknotes in the cash-strapped country.
"The adoption of electronic payments is critical to
Dumping of the
But it has also created new headaches, including a lack of small change, forcing people to use heavily spoiled notes.
EcoCash will roll out 3,5 million debit cards whose transactions will be underwritten by
EcoCash chief executive officer Cuthbert Tembedza said the new debit card, whose transaction cost would be between
"The card reduces the risks of carrying large sums, the chip and pin code on the card cannot be cloned and this is the only
He said it will also promote financial transactions anchored on the
Tembedza said the new debit card would also improve visibility of transactions carried by the informal sector as well as promote a cashless society.
"As EcoCash enables its customers to benefit from
"Importantly, we are also contributing to the financial freedom of individuals," added
The card will enable EcoCash customers to withdraw money from
Launched in the last quarter of 2011, EcoCash has reached in excess of 4,2 million users, processing over
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