Zimbabwe is currently facing deepening cash crisis which may lead the nation to plunge into another 2008 national cash crunch, and it seems Econet`s EcoCash Mobile Money is playing a proactive move to guard against the move which economist have already predicted imminent.
In a move that is meant to protect them against liquidity crisis, Econet Wireless Zimbabwe has silently introduced a measure that will stimulate deposits and safeguard the ecosystem against liquidity crisis and cash crunch.
In a statement going out to their agents, Econet has already announced the move which they hope will encourage cash in at a commission and keep the ecosystem fluid.
So much money in Zimbabwe is with the unbanked system and they have relied so much on mobile money system with 5 million registered subscribers.
According to Econet Chief Executive Mr Douglas Mboweni, Ecocash has circulated $7.4 billion in the Zimbabwe ecosystem since inception, and nearly $400 million every month which accumulates to $5 billion every year.
This figure is likely to shoot with their new international remittances partnership coming in EcoCash is now accessible from over 200 countries around the world, this includes one of the the world`s largest remittance provider and Money Transfer Agent (MTA), Western Union. People can even send money over the Internet to an Econet phone number.
Remittances are very important to a country like Zimbabwe which does not have access to donor funding and exports are weak. They are not only the largest source of foreign currency but they sustain a lot of families.
Econet Wireless in its last trading period came out as a wounded wolf but strong, making a whooping $23 million profit and the next financial results are expected to be announced soon.