Statement on EcoCash Zimbabwe

Statement on EcoCash Zimbabwe


OCTOBER 3, 2020 – Cassava Smartech Zimbabwe (Limited), a part of the Econet Group, operates a mobile money business in Zimbabwe which is licensed, regulated and monitored by the Reserve Bank of Zimbabwe. 


Since inception in 2011, EcoCash has grown to be the market leader in its sector, driving financial inclusion by offering service to 7 million active consumer and corporate customers – nearly 90 percent of the adult population in Zimbabwe. It commands over 87 percent customer market share in the mobile money sector and 97% mobile money value share. It processes over 20 percent of the value of all electronic payments and 85% percent of the volume of electronic transactions in the country.


EcoCash’s impact has been internationally recognized through the numerous awards it has received over the years, including Best Global Mobile Money Solution awarded at the Mobile World Congress in Barcelona in 2017. It has significantly contributed to economic empowerment and employment-creation in Zimbabwe through its over 200 000 agents and merchants.


Recently, EcoCash has been the subject of unsubstantiated and baseless media reports regarding how it runs its business, including claims that it flouted KYC and AML requirements. EcoCash strongly denies these allegations and categorically states that these unsubstantiated claims are completely baseless.


EcoCash, like all the Econet Group businesses, is totally committed to upholding ethical standards of doing business in every market it operate in, in line with the Group’s core values. The company will therefore vigorously defend itself in the courts of law, against any aspersions cast on its governance processes or the way it operates. 


EcoCash recently welcomed and is currently cooperating with a Government of Zimbabwe-mandated audit of its systems. The audit process prevents the business from speaking publicly about the very robust risk and compliance measures it has put in place for KYC and AML.


In addition, EcoCash has routinely gone above and beyond compliance – giving the regulator open access to transaction records as well as regularly and promptly reporting to the authorities any suspicious transactions in line with AML/CFT laws.



Underwritten by Econet Insurance (Pvt.) Ltd. | Terms & Conditions apply
Copyright © 2024 Econet Wireless Zimbabwe. All rights Reserved.

Website by C2 Media