Harare-EcoCash, the mobile money business of Cassava Smartech Zimbabwe, with Fintech, has partnered with Cassava Fintech in South Africa to offer an improved cross-border money transfer service from South Africa to Zimbabwe.
Announcing the launch of the service, the CEO of Cassava Fintech International Group, Darlington Mandivenga, said it was sure that the service would do very well and would meet the growing need of customers across the continent.
He said that Zimbabweans living in South Africa could now send money to Zimbabwe recipients by initiating a money transfer request through simple steps.
"Now they can only enter the EcoCash application, or visit www.cassavaecocash.co.za to begin sending money," said Mandivenga.
"Customers can also visit any of the more than 160,000 partner establishments in South Africa to send home money.
"Money will be immediately reflected in the EcoCash FCA mobile wallet and will send a SMS confirmation to the recipient of funds in Zimbabwe."
He said that all EcoCash lines in Zimbabwe already included an FCA portfolio in its existing menu from which a customer can send money to the local FCA portfolio of another customer.
"They can also buy goods and services in foreign currency, using the FCA portfolio, and enjoy large discounts in most retail stores, as well as meet their external obligations, pay Visa applications and make payments online, including DStv subscriptions and Netflix, among many others, "said Mandivenga, who added that now it was also possible to access the funds of its FCA portfolio through the EcoCash MasterCard debit card anywhere in the world.
Mandivenga said Cassava's value proposal had exclusive complement services, such as "Casava Home Wallet" and "Breadwinner" services, which offer customers the exclusive benefits that their competitors do not offer.
He said the Home Wallet service allows customers to open mobile money portfolios in their home countries and send money to these portfolios from anywhere in the world.
"The funds can be used to carry out all the functions of the mobile money portfolio that the customer would make in their home country, including the payment of utility bills, the purchase of food and the payment of Fees for their relatives, "said Mandivenga.
He added that this would reduce the risk of abuse and misuse of funds for purposes other than what the recipient wished.
Mandivenga said the Breadwinner service was a death benefit coverage that paid the benefits to a designated customer's beneficiary in his or her country of origin, if the client dies.
"The benefit is available at no additional cost to the client, as long as it uses the cassava remittance service consistently for a period of time," said the senior executive of cassava, who has been at the forefront of the business of Fintech from the Econet group since 2011.
In the meantime, Chief Executive Officer of Cassava Smartech Zimbabwe Ltd, Eddie Chibi, welcomed the new service, and said that among many African markets, Zimbabwe benefited more from the improved money transfer service, given the large number of Zimbabwean living and working in South Africa.
"We are very excited about this development knowing that Zimbabwe will be the main beneficiaries of this improved offer, and considering that there are millions of Zimbabwe who work or do business regularly with our neighbor South Africa," he said.
"Millions of Zimbabweans with bread assistants working in Limpopo can pay close attention to the fact that they now have an even more comfortable way of receiving money or purchasing and other needs without complications, with the same level of security they are used to. All the cassava services, "added Chibi, whose company is listed on the Zimbabwe Stock Exchange.