Cassava Smartech Zimbabwe, trading as EcoCash Holdings Zimbabwe Limited, together with its long-term technology partner Comviva , has won two silver awards at this year’s Emerging Payments Awards.
Cassava Smartech and Comviva won the silver for the Green financial inclusion initiative by mobile money platform EcoCash in the “Best Direct Account to Account Solution” and “Most Innovative Mobile or Financial Service Payments Solution” category. The winners were announced at the Emerging Payments Awards Ceremony held recently in London.
Climate change and its adverse impacts are growing concerns throughout the world, including in Zimbabwe. EcoCash, Zimbabwe’s largest mobile-money service, which is used by over 80% of country’s adult population, recognises its pivotal role in financial inclusion. It also understands the importance of creating resilience to climate change among vulnerable people, the use of ‘clean’ energy sources and reducing waste for a better environment. The EcoCash team recognises that the ubiquity and power of EcoCash can be leveraged to fight adverse effects of climate change, create a better environment and support Green Financial Inclusion effort.
EcoCash is driving ‘Green Financial Inclusion’ by launching innovative new features, services and initiatives such as enabling humanitarian organisations and NGOs to disburse financial-aid digitally via EcoCash to people impacted by climate change disasters, like droughts and floods, thus helping them to sustain and overcome food insecurity. The innovative mobile platform helped collect donations digitally for relief-efforts during climate change-induced disasters, such as cyclone Idai, to help with rescue, relief and rehabilitation for victims.
Cassava Smartech is also providing weather-index crop-insurance to farmers to build resilience in the wake of climate change-induced droughts, helping them sustain themselves despite crop failure emanating from excessive or scarce rains. It is encouraging the use of ‘clean’ solar energy by enabling customers to pay conveniently to solar companies for solar services using EcoCash.
EcoCash is digitizing payments, reducing the use of paper vouchers and paper receipts, decreasing paper waste and has also used ‘clean’ solar energy to power mobile money agent kiosks.
Speaking on the award, Cassava Smartech Zimbabwe Chief Executive Officer, Eddie Chibi said: “At Cassava Smartech we are focused on serving where the need is greatest, and we are happy that our efforts and initiatives are being appreciated at global industry awards like Emerging Payments awards. Through EcoCash we are leveraging mobile technology to extend financial inclusion to all Zimbabweans and creating a cash-lite economy.”
Anil Krishnan, Head of Africa Region at Comviva said, “This award validates our efforts in bringing innovative fintech services to the forefront. We believe that fintech solutions that cater for the necessities of the people on the ground and during natural calamities have the power to bring financial inclusion. EcoCash in Zimbabwe is one such service which has largely replaced cash and is helping in promoting financial inclusion and alleviating the cash challenges.”
The Emerging Payments Awards are the virtual gathering place for the payments community to celebrate progress, applaud achievements and network. The award celebrates innovation and collaboration by recognising companies that have made significant advances in how we pay today. The 2021 edition was held online and recognised the most innovative projects in up to 20 different categories.