ZIMBABWE’S largest mobile money platform, EcoCash, has maintained its market leadership in the total volume and value of customer transactions, an industry report has shown.
EcoCash — owned and operated by Cassava Smartech Zimbabwe — emerged out of a difficult year, characterised by the outbreak of the Covid-19 pandemic and the business challenges it brought amid prolonged national lockdowns, with its key performance ratios intact.
Sector performance figures released by the Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) last week show that EcoCash posted 97,98 percent of the total share of mobile money transaction volumes in the fourth quarter of 2020.
The report also revealed that at the end of last year, EcoCash facilitated 95,79 percent of all mobile money transaction values in the country, with the platform adding over 100 000 more customers in the same quarter, to exit the year on 5 553 981 active mobile money customers.
“The total number of active mobile money subscriptions as at 31 December 2020, was 6 495 682. This represents a 2,7 percent growth from 6 325 666 recorded as at 30 September 2020,” the sector performance report said.
In the period under review, OneMoney added 82 159 more customers, to exit the quarter on a total of 936 479 active customers, while Telecash lost 13 976 mobile money subscribers, to exit the quarter on 5 222 active customers.
Market watchers said EcoCash demonstrated a resilience that is rooted in its robust technical platform, which is reliable and scalable, and which gives EcoCash’s wide range of products a ubiquitous feel, as they can be accessed from anywhere and through multiple merchants.
EcoCash, which has more than 10 million mobile money accounts — including over 80 percent of the country’s adult population — ran a successful ‘My EcoCash Rewards’ promotion in the last quarter of 2020, to reward loyal customers and encourage ‘stickiness’ to the brand.
— Staff Writer