With EcoCash Bank Integration, those who have existing bank accounts can move money in and out of banks without entering a banking hall, or without speaking to a teller. They can do this at any time they like, even at midnight, directly from their mobile phone.
It is also a major step along the path towards what many countries even in developed economies are struggling to achieve: creating a completely cashless society. And it has now been achieved here in Zimbabwe through EcoCash.
Yes, on payday, you no longer have to queue at the bank. In a matter of minutes, you can check your account, and once you know the money is there, you can make bill payments, transfer money to relatives, do your shopping, and withdraw money! You can do this anytime, and anywhere.
For banks like CBZ, Steward Bank, ZB bank, NMB, Agri Bank, BancABC and Stanbic Bank, access to the EcoCash platform allows them to provide banking services to millions of people who until now were outside the banking system completely. By working with Econet, banks can tap into this market which is probably bigger than the formal economy.
The banks can also reach more people at much lower cost.