TITLE: Mobile Money Service powered by Mahindra Comviva’s mobiquity® Money
CATEGORY: End User Experience, Social Impact
APPLICANT REPRESENTATIVE:
NAME: Sundeep | Mehta
LINKEDIN: https://www.linkedin.com/in/sundeepcomviva/
CITY: Gurgaon
COUNTRY: India
APPLICANT TYPE: Company
WEBSITE: https://www.econet.co.zw/ecocashdiaspora/
MAIN DESCRIPTION:
Consumer need:
20% of Zimbabwe’s population(3million) live in Diaspora. They send over US$ 2billion to Zimbabwe annually providing sustainable livelihood to millions and facilitating 14% of Zimbabwe’s GDP. Only 50% of total remittance flows through formal-channels (banks/Money Transfer Agencies(MTAs)), which are expensive. The rest flows through informal-channels (bus-transfers/acquaintances) which are inconvenient, risky and time-consuming.
EcoCash Diaspora:
EcoCash, Zimbabwe’s largest mobile money service with 6.5million customers (42% Zimbabwe’s population) has launched EcoCash Diaspora, which provides quick, secure, cost-effective and convenient way for Zimbabweans to remit money.
EcoCash has partnered with 10 MTAs (Western Union, WorldRemit, MoneyGram, Afrocoin, Chitoro, InstaCash, IMB, Hand2Hand, Mukuru, TransferTo) and two mobile operators (MTN Zambia, CallHome(a MVNO)), enabling Zimbabweans in 200+ countries/territories to send money directly to EcoCash customers in Zimbabwe. The money is received in EcoCash mobile-wallet of consumers in Zimbabwe, which can be used for further digital payments or cashed-out at 30,000 EcoCash agents in country.
Service uptake:
EcoCash Diaspora, Zimbabwe’s first mobile remittance service has gained immense popularity. EcoCash Diaspora accounts for 30% to total remittance flowing into Zimbabwe.
Benefits to consumer/social impact:
Formalizing remittance for unbanked: 82% unbanked-adult-population use informal remittance channels. EcoCash is mobile-wallet, used by unbanked, does not require bank-account.
Cost-effective: Banks and MTA’s using conventional method charge 8%. EcoCash Diaspora charges 2.5%. Hence, while transferring US$200 via EcoCash, consumers receive $11 more.
Fastest-service, available 24/7: Receivers get money instantly in real-time.
Secure: Follows multi-level, bank-grade security. Money received in digital-format, hence not prone to theft or loss.
Largest cash-out network: 30,000 EcoCash cash-out agents. Consumers save time and cost, as agents are located near-by
Largest partner-network: No other mobile money service globally has 10 MTA partners
Creates cash-light economy: Zimbabwe adopted US$, leading to cash-shortage. EcoCash enables remittance to be received in digital-format and facilitates further digital payments eliminating cash.
MERITS:
Innovative: First Zimbabwean service to leverage mobile money for remittance
Empowering unbanked: EcoCash Diaspora enables millions of unbanked-Zimbabweans to receive remittance formally
Phenomenal uptake: EcoCash Diaspora accounts for 30% of Zimbabwean remittance
More value: Lower service-charges, beneficiaries get 5.5% more money
Preventing cash-shortage: Digitizing remittance payments, eliminates cash-usage, creates cash-light economy
Meet emergency-needs: Quick real-time remittance provides funds for emergencies
SOLUTION IS LIVE? Yes
MORE INFORMATION:
https://www.youtube.com/watch?v=uV3JGGiK_0k
https://www.youtube.com/watch?v=pjZoF9SgKZ0
