EcoCash, Zimbabwe’s largest and leading fintech platform, has launched a new international money transfer service that allows customers to send money from Zimbabwe to several other countries.
In a statement, the company said using the service, EcoCash customers will now be able to send money to several countries, including South Africa, Zambia, Botswana, Kenya, Malawi, Rwanda, the DRC, Ghana, Lesotho, Uganda, China (Alipay) and many more.
The launch of the international money transfer service out of Zimbabwe marks a bold step in the evolution of digital remittances in the country, as EcoCash shifts from being solely an inbound remittance platform to be able to seamlessly offer outbound money transfers to the world.
“The service offers a fast, secure and affordable way for EcoCash customers to send money abroad for everything – from school fees and medical bills to business payments.
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“EcoCash users will now be able to send money directly to a recipient’s bank account or to their mobile wallet,” the statement said, adding, for example, that an EcoCash customer in Zimbabwe will now be able to send money directly into Safaricom’s Mpesa wallet in Kenya.
It said all South African banks had already been activated for the service, with many more countries – including European and Asian countries – coming on stream soon.
Zimbabwe has one of the largest diaspora communities in Africa.
While remittances from abroad have traditionally been a lifeline for families back home, the flow of money is increasingly going in both directions, with parents needing to pay school fees support for their children studying abroad, and businesses seeking to pay suppliers across borders.
And this is over and above the frequent need for many individuals to cover emergency travel and healthcare expenses abroad for themselves or their loved ones.
“The needs of our customers are evolving and this new service will address that,” the EcoCash statement said.
The launch is expected to disrupt a market dominated by traditional money transfer services requiring customers to visit physical agents to pick up cash.
However, EcoCash’s digital-first model offering direct transfers into customers’ bank accounts or mobile wallets, removes those barriers, providing increased convenience, speed and cost savings for senders and recipients alike.
To use the service, EcoCash said customers should dial *151#, select “Diaspora Services,” choose “International Money Transfer” and follow the easy prompts directing them to send money directly to a mobile wallet or to a bank account in the destination country.
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