Two digital tech companies, Cassava Smartech andComviva 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 also won the award in 2018 in the ‘Fintech innovation’ category for EcoCash Merchant Payments.
Cassava Smartech has leveraged the ubiquity of mobile phonesin Zimbabwe to convert the cash challenges in the country into a financialinclusion opportunity. EcoCash mobile money service enables financial inclusionby banking the unbanked and providing them with access to easily accessible,quick, affordable, secure and convenient mobile financial service. It hascreated a cash-light economy, by mitigating the cash-crisis in Zimbabwe.EcoCash has created value for financially-underserved segments while establishingfinancial infrastructure and generating employment.
EcoCash started with peer-to-peer (P2P) money transfer in2011, bringing people using informal financial channels into the formal economyon the EcoCash network. It then introduced banking services such as EcoCashSave and Savings Club, promoting financial inclusion which helped in mobilizingsmall-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.
“We are delighted to win this award for the secondconsecutive year. We are committed to constantly seeking out new ways todeliver innovative digital payment solutions which provide convenience to ourcustomers, and which help them solve real problems in a meaningful way. We hopeto continue the good work and ensure the growth and prosperity of the mobilemoney ecosystem in Zimbabwe,” said EddieChibi, Chief ExecutiveOfficer for Cassava Smartech, Zimbabwe.
Anil Krishnan, Head of AfricaRegion at Comvivasaid“This award validates our efforts in bringing innovative fintech services tothe forefront. Cassava’s EcoCash in Zimbabwe is one such service which hasreplaced cash and is helping in building a cash-light economy. Today, more than80 percent of country’s adult population use EcoCash. The service has broughtmany financially-excluded people into formal financial ecosystem, increasingfinancial inclusion in the country from 38% to 80%.”
East Africa Com Awards celebrate the achievements ofcompanies and individuals at the forefront of digital transformation in EastAfrica. The award recognizes innovation that brings digital disruption andbenefits the people of the region.
The EcoCash service is powered by Comviva’s mobiquity Money platform, which 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.