Savings Groups Allowed on EcoCash Mobile Money Platform in Zimbabwe
Friday, May 8, 2015
Econet Wireless is now allowing group savings on its mobile money platform, EcoCash, a development the company says will reduce risks associated with cash handling.
The EcoCash Savings Club will earn interest on “all pooled funds” each month.
Saving groups can appoint a chairperson who will undertake the opening of the account while approving members will also be selected from the group.
Savings groups are common in most African communities whereby members in a group put money together for a common interest such as buying properties or for funding functions such as funerals or weddings. Most of these groups appoint a member or take turns to keep the money inside their houses.