Thursday, October 10, 2013

Econet launches Ecocash Save! Banks likely to cry again soon!

By Newson Mukono (Opinion)

Just yesterday, Econet Wirelesss launched the new EcoCash Save banking facility. It is now live and all you do is dial *151*200# on your econet mobile line and choose the Ecocash Save option. It now comes into logic why econet's acquisition of former TN Bank now Steward bank was such a strategic move.

Your mobile number is now automatically your new account no for the Ecocash Save product. You can move funds from your ecocah wallet to Ecocash Save and vice-versa. Money in the Ecocash Save facility earns interest, a reason more people should be interested with the facility and want to do less with the banks which at the moment largely give no interest for "small deposits".

The introduction of such a service is likely to see many banks crying again, like they did when Ecocash was introduced. Ecocash allows people to transfer money via mobile phones and having to deal less with sending money through bank accounts. EcoCash Save is like salt added to the wound. I do not know what excuse banks will give this time, for nobody prevented them from innovating to come up with facilities to encourage a culture of saving.

High bank charges, no interest on small deposits, and stringent requirements to open a bank account have been a hindrance to many Zimabweans who wanted to save money through banks. Econet seems to have capitalised on these limitations and come up with this product to meet the plight of many Zimbabweans. The EcoCash Save facility is said to have no bank charges.


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