EcoCash Holdings Zimbabwe Limited has stepped up its remittance campaign by allowing customers to easily move US dollars across the country through formal channels, a move that is expected to bring public convenience and increase government coffers.
The publicly traded technology group, through its fintech services unit, has made foreign currency transactions seamless from Steward Bank to customers’ EcoCash FCA wallet, while enabling customers to pay for goods and services in US dollars with one click. , from the comfort of their home or workplace.
For example, customers can now easily buy Zesa electricity tokens or pay their monthly insurance premiums using their EcoCash FCA wallet. This was after the national electricity utility, Zesa Holdings and Nyaradzo – among other organizations – recently informed their customers that from November they could buy electricity tokens or pay their insurance premiums in U.S. dollars.
Meanwhile, EcoCash, Zimbabwe’s largest mobile money platform, has been helping customers send foreign currency to loved ones across the country since April this year after launching its domestic money transfer services.
The EcoCash FCA money transfer service is secure and efficient, and also affordable and easily accessible by anyone living in Zimbabwe, with guaranteed cash collections at Econet stores and Steward Bank branches nationwide.
The good news is that Cash-In customers are free and only pay 1.3% when sending money, while those who withdraw or Cash-Out will only be charged 1.4%.
On the other hand, Steward Bank has added more than 100 branches to its national money transfer network to allow customers to send and receive US dollars anywhere in the country.
Steward Bank, Zimbabwe’s largest bank by customer base, launched the local US dollar remittance service, known as StewardRemit, a year ago and the service has become popular with customers and non-customers of the financial institution.
StewardRemit allows customers to send up to $500 per transaction with a maximum of $2,000 per calendar month to Zimbabwe for a fee of just 2% – the lowest currency transaction fees in the country.
The transaction limit for non-Steward Bank walk-in users is set at a minimum of $5 per transaction and a maximum of $250 per transaction, capped at $1,000 per calendar month.
StewardRemit is designed in such a way that senders or recipients are not required to have a bank account with Steward Bank.
When cashing, the beneficiary of the funds is only required to present their national identity document and a transaction reference number.
At the same time, EcoCash Steward Bank has also partnered with global money transfer companies such as World Remit, Mukuru, Western Union, Moneygram, and Mama Money, among others, to increase remittance flows to the Zimbabwe.
Customers can have the money sent from anywhere in the world directly to their EcoCash FCA wallet or can withdraw the money at Steward Bank branches.
International remittances are providing relief to millions of Zimbabweans in urban and rural areas as the country’s economy overcomes various challenges.
A recent World Bank report showed that while around 70% of remittances are used for immediate needs such as food, shelter and health care, the remaining 30% are spent on building a future. safer and more independent, thanks to better education, savings and health. invest in income-generating assets and projects.