EcoCash, Steward Bank savings product put on hold

CASSAVA Smartech subsidiaries EcoCash and Steward Bank have announced temporary suspension of their “EcoCash$ave” product to allow for its migration to a new platform while they repackage and improve the product.

This follows a customer notice published by the two entities last Thursday. EcoCash$ave is a small-savings account that is jointly offered by EcoCash and Steward Bank.

In a joint statement the two companies said balances of existing EcoCash$ave customers had been transferred into their EcoCash wallets to allow customers access to their funds during the transition.

“The product has been temporarily suspended in order to migrate it to a new, more robust platform and to give us an opportunity to enhance its features,” reads the statement.

“Changing market conditions as well as the ongoing platform upgrade on the banking side, have created an opportunity for a customer-centric review of our products and services and a chance to revitalise and relaunch certain services, including EcoCash$ave.”

Steward Bank recently relaunched its banking application, introducing a ‘Square App’ version 2.1, which incorporates new and improved functionalities drawn from the bank’s ongoing upgrade. It also now offers a more intuitive user interface, which has improved the customer experience.

EcoCash$ave was launched in 2013 as part of EcoCash and Steward Bank’s digital financial inclusion drive. It was introduced in an effort to encourage a savings culture among customer groups that previously did not qualify to open bank accounts.

The statement noted that the EcoCash Savings Clubs (a service offered under EcoCash$ave) would not be affected but the suspension of individual EcoCash$ave accounts, but would remain available during the transition.-chronicle.cl.zw