Cassava Smartech and Comviva have jointly won the East Africa Com Award in the “Changing Lives” category for Cassava’s EcoCash mobile money service powered by mobiquity Money. The award was presented recently at Radisson Blu Hotel in Nairobi, Kenya. This is the second consecutive award for both companies as they won the award in 2018 in the “Fintech innovation” category for EcoCash Merchant Payments.
Cassava Smartech has leveraged the ubiquity of mobile phones in Zimbabwe to convert the cash challenges in the country into a financial inclusion opportunity. EcoCash mobile money service enables financial inclusion by banking the unbanked and providing them with access to easily accessible, quick, affordable, secure and convenient mobile financial service. It has created a cash-light economy, by mitigating the cash-crisis in Zimbabwe. EcoCash has created value for financially-underserved segments while establishing financial infrastructure and generating employment.
EcoCash started with peer-to-peer (P2P) money transfer in 2011, bringing people using informal financial channels into the formal economy on the EcoCash network. It then introduced banking services such as EcoCash Save and Savings Club, promoting financial inclusion which helped in mobilizing small-savings.
EcoCash partnered with banks (for bank-to-wallet and wallet-to-bank transfers), corporate employers (for salary payments) and with MTO’s (for international remittance) to accelerate cash inflows at a minimum cost. By partnering with large, medium and small merchants, agents and billers, EcoCash expanded its acceptance network and digitized all major bill and merchant payments, including government payments, such tax payments and toll payments.
Commenting on the award, the Chief Executive Officer for Cassava Smartech Zimbabwe, Mr Eddie Chibi said: “We are delighted to win this award for the second consecutive year. We are committed to constantly seeking out new ways to deliver innovative digital payment solutions which provide convenience to our customers, and which help them solve real problems in a meaningful way. We hope to continue the good work and ensure the growth and prosperity of the mobile money ecosystem in Zimbabwe.”
Anil Krishnan, Head of Africa Region at Comviva said: “This award validates our efforts in bringing innovative fintech services to the forefront. Cassava’s EcoCash in Zimbabwe is one such service which has replaced cash and is helping in building a cash-light economy. Today, more than 80 percent of country’s adult population use EcoCash. The service has brought many financially-excluded people into formal financial ecosystem, increasing financial inclusion in the country from below 40% to over 80%.”
East Africa Com Awards celebrate the achievements of companies and individuals at the forefront of digital transformation in East Africa. The award recognizes innovation that brings digital disruption and benefits the people of the region.
The EcoCash service is powered by Comviva’s mobiquity Money platform. mobiquity Money delivers a host of mobile money services that transform the way consumers save, borrow, transfer and spend money. It is designed to seamlessly integrate consumer touch points with a wide ecosystem of banks, billers, merchants, agents and third-party payment systems, creating a convergence powered by interoperability.
Apart from delivering convenience to consumers, the solution enables financial service providers to acquire new customers, create long-term loyalty with existing ones, and seize new revenue opportunities to increase their footprint in the market. Mobiquity Money empowers financial service providers to be agile in their markets, with complete focus on the customers. mobiquity Money has completed over 60 deployments in more than 45 countries. It serves 100 million customers globally and processes more than 5.5 billion transactions, amounting to over US$110 billion annually.