EcoCash has launched a special wallet for small and medium businesses, vendors, and service providers who account for over 60% of the country’s economy.
The company branded EcoCsh Plus launched the new product saying it captures the micro, small and medium-sized businesses’ day-to-day running needs, allowing them to transact, pay bills, manage payroll, and keep track of business records – all on their mobile phones.
“Small businesses are not just surviving – they’re driving our economy. EcoCash Plus is set to make their everyday hustle easier, safer and more connected to opportunities,” EcoCash said in a statement.
Zimbabwe’s informal economy contributes more than 60% of the national GDP, yet many entrepreneurs and traders operate outside the formal financial system, relying heavily on cash.
This limits their capacity for expansion and exposes them to weaknesses such as theft, denial of credit access and exclusion from the broader opportunities in the economy.
But the statement went on to say that EcoCash Plus will reverse that. With the wallet, traders can receive payments from clients and suppliers, buy ZESA tokens, airtime and council bills, pay suppliers, send money to workers, and keep track of transactions using digital statements,” the statement added. The statement also explained that EcoCash Plus will also provide a platform for SMEs to do business with big corporates, where they will be able to order stock using EcoCash Plus.”.
The product targets a broad segment of enterprises, including tuckshops, boutiques, small general provisions shops, hardware stores, agro-dealers, motor spares dealers, electronics shops, and craft markets. It also targets service operators, including salons, tailors, artisans, cleaners, repairmen, laundry operators, print shops, and photographers, among others.
Financial analysts, too, have welcomed the product, saying its potential to open doors for traders doing business in the informal sector are immense.
“Informal sector challenge is not a lack of business activity – it’s a lack of information,” said an economist in Harare.
“EcoCash Plus creates a money trail that increases credibility and invites access to capital down the road.”
With national development strategies increasingly committed to formalising the informal economy and bringing out under-served communities to financial services, EcoCash Plus comes at a fitting time.
We are offering a wallet and building infrastructure to support long-term growth, trust, and financial inclusion,” the EcoCash said further.
It directed that for one to register for EcoCash Plus, clients can send a message using WhatsApp Number 0777 222 152, and follow the directions that guide them through a straightforward registration process.
The required documents are a valid national ID, proof of residence and trading license, among other supporting documents.
