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9.8 Million Zimbabweans Use Ecocash

FinTech

9.8 Million Zimbabweans Use Ecocash

In a statement accompanying the company’s financial results, chairperson Tracy Mpofu said in the four months under review, 9.8 million people were using the group’s mobile money platform to transact, representing almost 90% of Zimbabwe’s adult population.

It’s a fact, Zimbabwe has embraced this seamless cashless payment method alongside the rest of Africa. With some economies in the African continent forecasted to match-up with their western counterparts, the rise of mobile payments in the region is one of the pointers to a brighter future for the economy of the rising continent.

Cassava Smartech Zimbabwe Limited profit for the four months to February 28, 2019.

The impressive numbers show an ever-growing use of mobile money across the different competitors with newer players tipping the scale by offering free or much lower transaction costs to attract customers.

Cassava Smartech wants to leverage on digital solutions to everyday challenges in Zimbabwe as part of its efforts to bring convenience as well as enhance financial inclusion.

“We will continue to deploy solutions that are available through multiple channels. The business is on a drive to scale-up and leverage on artificial intelligence and machine learning, big data, block-chain, chatbots and social media banking and payments to reduce operational costs and improve customer experience. Customer convenience is the backbone of our success” Mpofu said.

“Reflecting on this, research and development is a key component of our strategy, as we continuously innovate around providing total solutions to our customers. We believe there are opportunities for growth, in spite of the current macro-economic challenges and will, therefore, continue to make a concerted effort to turn these challenges into success stories.”

In the four months to February 2019, revenue stood at $173 million. Profit from operations was $41 million while a profit before tax of $11,5 million was achieved.

EcoCash has processed more than $78,4 billion in value since the introduction.

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