Cassava Smartech and Comviva have won the East Africa Com award in the "Changing Lives" category for Cassava's EcoCash mobile money service offered by mobiquity® Money.
This was recently announced at the Radisson Blu Hotel in Nairobi, Kenya. This is the second prize of two companies that won the 2018 award in the "Fintech innovation" category of EcoCash Merchant Payments.
Cassava Smartech took advantage of the ubiquity of mobile phones in Zimbabwe, turning the country's cash problems into financial inclusion opportunities. EcoCash Mobile Money Services enables banking, easy access, and access to fast, affordable, secure and convenient mobile financial services without banking, enabling inclusion of finance. We have created cash costs by easing the cash crisis in Zimbabwe. EcoCash created value for the financially insufficient sector while building financial infrastructure and creating jobs.
EcoCash started with peer-to-peer remittance in 2011, bringing people using informal financial channels into the official economy of the EcoCash network. We then introduced financial services such as the EcoCash Save and Savings Club to promote financial inclusiveness to help small-scale savings mobilization.
EcoCash has accelerated cash inflows at a minimum cost by working with banks (interbank and wire transfers), corporate employers (for payroll) and MTO (for international transfers). By partnering with large corporations, small and medium-sized merchants, agents and claimants, EcoCash has expanded its receiving network and digitized all major bills and merchant benefits, including government payments, such as tax payments and toll payments.
Commenting on the award, Eddie Chibi, Chief Executive Officer of Cassava Smartech Zimbabwe, said: "We are delighted to win this award for two consecutive years. We are committed to providing customers with convenience and helping to solve practical problems in meaningful ways. "We look forward to continuing to do a good job for the growth and prosperity of the mobile money ecosystem in Zimbabwe."
Anil Krishnan, director of Africa for Comviva, commented, "This demonstrates our commitment to deliver innovative fintech services to the forefront. Zimbabwe's Cashava & # 39; s EcoCash has replaced cash and the construction of cash- Today, more than 80% of the adult population is using EcoCash, which has attracted a large number of financially excluded people to the formal ecosystem and increased their financial inclusion from 38% to 80% "
The East Africa Com Awards celebrate the achievements of corporations and individuals at the forefront of digital change in East Africa. This acknowledges innovation that brings digital disruption and benefits local residents.
EcoCash service is provided by Comviva's mobiquity® Money platform. mobiquity® Money offers a variety of mobile money services that change the way consumers store, loan, transfer and consume their money. The solution is designed to seamlessly integrate consumer touchpoints with diverse ecosystems of banks, claimants, sellers, resellers and third-party payment systems to create convergence based on interoperability.
In addition to providing convenience to consumers, this solution enables financial service providers to acquire new customers, build long-term loyalty with existing customers, capture new revenue opportunities and expand footprint in the market. mobiquity® Money helps financial service providers to respond agile to their customers. mobiquity® Money has completed more than 60 deployments in over 45 countries. Serving 100 million customers worldwide and handling over 6.5 billion transactions over $ 130 billion annually.