The number of banks linked to Ecocash, a mobile banking platform, has risen to eight with FBC Bank becoming the latest bank to integrate with the facility. This happens happens at a time when queues have become the order of the day on banks.
According to the Chronicle, the move is meant to enhance convenience to depositors at a time when the economy is facing cash shortages which force many to embrace use of plastic money.
“FBC is now linked to Ecocash. You can move money from bank to wallet using FBC mobile banking.” Econet reportedy told The Chronicle
The other banks which are linked to Ecocash include the CBZ, ZB Bank, Stanbic, NMB, Agribank and Banc ABC.
Ecocash, the leading mobile money service in the country has enjoyed many customers and has benefited the most from the financial crisis
Financial crisis has led many people to use plastic money with the retail sector experiencing a 70 % increase on electronic transactions. Zimbabweans have now embraced the use of mobile and plastic money to counter the cash shortage.
The Reserve Bank of Zimbabwe (RBZ) has been encouraging the use of plastic money to easy the cash crunch in the country. Its bond note project failed to ease the financial crisis in the country as accessing cash remains a challenge.
Ecocash is a mobile transaction service that enable Econet customers to complete financial transactions such as sending and receiving money, among other services.