EcoCash Savings Club is a product that was launched back in 2015 and is meant to support savings groups (maround or mukando) across Zimbabwe. Last month we reported on its nomination for an award at the Mobile World Congress #MWC2018, and today we are announcing its award. EcoCash Savings Group, an offering by Econet Wireless Zimbabwe and Mahindra Comviva, has received a global award for empowering women in the developing world.
Mahindra Comviva is a global leader in mobile solutions offering digital VAS, mobile finance and customer management solutions for telecom operators, aimed at both retail and corporate users.
EcoCash Savings Club is managed by Cassava Fintech, is a specialised Pan-African Fintech company that delivers innovative digital transaction solutions across the mobile ecosystem.
Savings clubs earn interest on all pooled funds starting from $1 after every 30 days. Econet, in partnership with the Organisation For Public Health Interventions (OPHID) – a Zimbabwean organisation – worked with groups of women countrywide to refine the EcoCash Savings Club.
EcoCash Savings Club is aimed at millions of people, who until now have been performing group savings informally without access to the formal banking channels because they are not recognised as financially eligible by mainstream banks.