EcoCash oers back-to-school convenience through EcoCach
This comes at a time when monetary authorities have reduced the triple taxation on EcoCash’s US dollar domestic remittances, a decision that will help boost financial inclusion and allow foreign currency to freely circulate within the formal channels.
EcoCash customers are now able to cash-in United States dollars into their mobile wallets for free. This is good news to mobile money customers who were being charged four percent for cash-ins, on top of the transaction fees and cashing-out charges.
EcoCash welcomed the move to reduce the charges, which helps make its service competitive again and is set to help millions of ordinary users of mobile money.
The mobile money service said it offered guardians and parents the opportunity to utilise its safe and secure platform when paying school fees or sending money to their children at boarding schools.
“EcoCash gives parents a convenient way to send their children money and pay tuition without having to do so in person or entrust someone else, such as a bus driver, to deliver the money,” a spokesman for the company said.
“Students can easily cash-out their money at Econet shops and Steward Bank branches all over the country. We have enough foreign currency in stock to guarantee cash-out to all our customers in cities, towns and rural areas,” a spokesman said.
Several schools across the country also accept mobile money payments, both in domestic and foreign currency, a development that enables parents to pay fees in manageable amounts, rather than in large lump sums.
Over the past 10 years, EcoCash has enabled communities to buy goods and services, from
health care to solar energy panels, conveniently, using their mobile phones.
In addition, EcoCash also links family and friends as the platform makes it easy and
convenient for individuals to send payments to family, friends and business associates
using their phones.
The growing utility value of EcoCash in Zimbabwe comes at a time when an increasing
body of research has shown that mobile money can generate financial resilience among
consumers. For instance, households can better respond to unforeseen difficulties when
they have access to mobile money.-The Chronicle
