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By Ross Moyo
Vendors and Small to Medium Enterprises SMEs including other informal sector traders have been considered by Zimbabwe’s biggest financial technology fintech ECOCASH Holdings which unveiled EcoCash Plus wallet specifically targeted at SMEs, informal sector traders and their business kith and kin.
In a statement, EcoCash, Zimbabwe’s leading mobile money platform, launched EcoCash Plus – a special wallet designed specifically for small and medium businesses, vendors and service providers that account for over 60% of the country’s economy. This new product, which addresses the day-to-day operational needs of micro, small and medium-sized enterprises (MSMEs), enables users to transact, pay and do business via one’s mobile phone.
EcoCash Plus comes at a kairos time formalising the informal sector and extending financial services to underserved communities.
“We’re offering a wallet and building infrastructure for long-term growth, trust, and financial inclusion,” said EcoCash in the statement.
To register for EcoCash Plus, Ecocash stated, “customers should send a message to WhatsApp Number 0777 222 152, and follow the prompts guiding them through a brief registration process.
“Required documentation includes a valid national ID, proof of residence and a trading license, among other relevant supporting documents.”
Inspite of vendors contributing over 60% of the national Gross Domestic Product (GDP), most entrepreneurs and traders operate outside the formal financial system, relying heavily on cash which limits their growth potential exposing them to risks such as theft, lack of access to credit and exclusion from larger extended business.
Hence EcoCash Plus unveiling tips the scale in favor of vendors.
“With this wallet, business owners can receive payments from customers and suppliers, buy ZESA tokens, airtime, and pay council bills, pay suppliers, send money to employees and track transactions with digital statements,” Ecocash added in its statement.
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