EcoCash Now Dominates 80% of Retail Sales
We didn’t mean to do it. It just sort of happened. But what began a simple cash crisis has evolved into something akin to a lifestyle change.
Cash shortages in Zimbabwe have persisted more than two years now. Long queues can still be seen at almost every bank in every city, town and growth point across the country. Rates for the US dollar are ranging from 40 to 45% when using EcoCash or bank transfers.
In his inaugural speech, Mnangagwa said liquidity challenges had to be tackled head on, adding that depositors had to be able to access their earnings and savings.
In a recent interview with and owner of an upmarket supermarket (Name withheld), he said EcoCash was now amounting to over 80% of store transactions.
According to the RBZ, January and September in 2017, mobile money services reach $11 billion worth of transactions being recorded through innovative digital platforms alone.
Money is an area of life that carries an unusual amount of emotional and social baggage.
According to the Store owner, Zimbabwean consumers are using plastic money more and more frequently, even for small transactions.
Mobile money payments in 2017 grew to $18 billion, up from the 2016 figure of $5.8 billion.