|Inflation by hour|
|A Coke bought at 8 a.m. cost ZIM$50 billion||At noon, the same Coke cost ZIM$100 billion||By 7 p.m. that day, the same Coke cost ZIM$150 billion|
2008: In Zimbabwe, with hyperinflation touching 500 billion per cent, all mayhem broke loose. A bottle of coke costing ZIM $50 Billion in the morning sells for over ZIM $150 Billion in the evening – a hike of over 300%. This was what living in Zimbabwe was like in 2008. Things came to such a pass by 2009 that the Zimbabwean Dollar (ZIM) was not worth the paper it was printed on and was soon replaced by the US Dollar. Although the currency shift managed to control the wildly galloping inflation but it also gave rise to new problems and challenges. “Dollarization of Economy” wiped off bank savings of millions of Zimbabweans even while they were queuing up in front of their banks to withdraw their savings. People lost their trust in banking institutions and turned to informal payment channels. Moreover, with $1 being the minimum currency in use, Zimbabweans experienced an acute coin shortage leading to “change problem”.
Now, let us fast forward to 2015: the economy is rebounding, the change problem has been marginalized, and financial inclusion is finally a reality and not some visionary’s dream. The credit for driving this change goes to EcoCash, Zimbabwe’s first and most prominent mobile service company. Launched in 2011, by EcoNet Wireless, Zimbabwe’s leading mobile operator, EcoCash has grown as a viable alternative to cash for millions of Zimbabweans looking to save, borrow, transfer and save money.
EcoCash practically makes every financial transaction possible using a mobile phone. Open and manage a savings account or get loan within minutes? It’s possible. Transfer money to friends and family instantly? It’s easy. Pay online or at POS using debit card linked to mobile money account? It’s doable. Whatever be the requirement – EcoCash make it happens for Zimbabweans!
Today, EcoCash is used by 5 million Zimbabweans, accelerating the use of electronic payments in the country and making the economy cash-light. Watch this engaging video on how EcoCash has transformed the financial landscape in Zimbabwe.
|EcoCash in 2015|
|Used by 53 per cent of Zimbabwe’s adult population||Handles transactions valued over $5 billion annually||Accounts for about half of Zimbabwe’s national financial services penetration level of about 30 per cent.|