In the first partnership of its kind, WorldRemit, the global online money transfer service, has partnered with Econet in Zimbabwe to offer customers instant online money transfers to EcoCash mobile wallets.
Zimbabweans now have access to the full range of pay-out options that WorldRemit offers, which also includes bank deposit, cash pick-up and airtime top-up services.
The mobile wallet service enables recipients to receive money quickly and securely on their mobile phones. The mobile wallet can be used for many purposes, such as buying groceries, paying utility bills, buying airtime, sending money domestically, or withdrawing cash from authorised agents.
Currently, 40 per cent of WorldRemit's transactions to Zimbabwe are going to mobile phones. By way of comparison, 52 per cent of WorldRemit's transactions to Ghana and 92 per cent of transactions to Kenya are going to mobile phones.
WorldRemit launched its online money transfer service to Zimbabwe in December 2010 and it quickly became one of the company's largest African corridors. According to the WorldBank, $519 billion of remittance payments were made in 2012, of which $2.1 billion are estimated to have been sent to Zimbabwe.
WorldRemit, with its online business model, offers a more efficient, affordable and transparent remittance alternative to traditional money transfer operators. Customers can send funds from 35 countries to families and friends in over 100 destinations.
Ismail Ahmed, Founder and CEO at WorldRemit, said: "This partnership with Econet makes it faster and easier for Zimbabweans to send money back home. Zimbabwe is one of our longest standing markets and we are proud to continue to innovate and deliver value for our customers there."
Econet Chief Executive Officer Mr. Douglas Mboweni added: "This is a milestone for Econet as we lead the way in the remittances space. We will continue to expand our range of services that are convenient to our customers, while contributing to the economic development and stability of Zimbabwe's economy."
Launched in October 2011, EcoCash has reached 4 million users and processed transactions worth more than $4 billion. EcoCash mobile money accounts now outnumber all of Zimbabwe's traditional bank accounts combined.