Nairobi Kenya – 17 June 2019: Cassava Smartech and Comviva have jointly won the East Africa Com Award in the “Changing Lives” category for Cassava’s EcoCash mobile money service powered by mobiquity® Money. The award was presented recently at Radisson Blu Hotel in Nairobi, Kenya. This is the second consecutive award for both companies as they won the award in the year 2018 in the “Fintech innovation” category for EcoCash Merchant Payments.
Cassava Smartech has leveraged the ubiquity of mobile phones in Zimbabwe to convert the cash challenges in the country into a financial inclusion opportunity. EcoCash mobile money service enables financial inclusion by banking the unbanked and providing them with access to easily accessible, quick, affordable, secure and convenient mobile financial service. It has created a cash-light economy, by mitigating the cash-crisis in Zimbabwe. EcoCash has created value for financially-underserved segments while establishing financial infrastructure and generating employment.
EcoCash started with peer-to-peer (P2P) money transfer in 2011, bringing people using informal financial channels into the formal economy on the EcoCash network. It then introduced banking services such as EcoCash Save and Savings Club, promoting financial inclusion which helped in mobilizing small-savings.
EcoCash partnered with banks (for bank-to-wallet and wallet-to-bank transfers), corporate employers (for salary payments) and with MTO’s (for international remittance) to accelerate cash inflows at a minimum cost. By partnering with large, medium and small merchants, agents and billers, EcoCash expanded its acceptance network and digitized all major bill and merchant payments, including government payments, such tax payments and toll payments.
Commenting on the award, the Chief Executive Officer for Cassava Smartech Zimbabwe, Mr Eddie Chibi said: “We are delighted to win this award for the second consecutive year. We are committed to constantly seeking out new ways to deliver innovative digital payment solutions which provide convenience to our customers, and which help them solve real problems in a meaningful way. We hope to continue the good work and ensure the growth and prosperity of the mobile money ecosystem in Zimbabwe.”
Anil Krishnan, Head of Africa Region at Comviva said: “This award validates our efforts in bringing innovative fintech services to the forefront. Cassava’s EcoCash in Zimbabwe is one such service which has replaced cash and is helping in building a cash-light economy. Today, more than 80 percent of country’s adult population use EcoCash. The service has brought many financially-excluded people into formal financial ecosystem, increasing financial inclusion in the country from 38% to 80%.”
East Africa Com Awards celebrate the achievements of companies and individuals at the forefront of digital transformation in East Africa. The award recognizes innovation that brings digital disruption and benefits the people of the region.
The EcoCash service is powered by Comviva’s mobiquity® Money platform. mobiquity® Money delivers a host of mobile money services that transform the way consumers save, borrow, transfer and spend money. It is designed to seamlessly integrate consumer touch points with a wide ecosystem of banks, billers, merchants, agents and third-party payment systems, creating a convergence powered by interoperability.
Apart from delivering convenience to consumers, the solution enables financial service providers to acquire new customers, create long-term loyalty with existing ones, and seize new revenue opportunities to increase their footprint in the market. mobiquity® Money empowers financial service providers to be agile in their markets, with complete focus on the customers. mobiquity® Money has completed over 60 deployments in more than 45 countries. It serves 100 million customers globally and processes more than 6.5 billion transactions, amounting to over US$130 billion annually.*Note: mobiquity® is registered trademark in India only
About Cassava Smartech
Cassava Smartech is a diversified smartech group, with a mandate to use digital solutions to drive socio-economic development and to improve the overall quality of life for all Africans. The company is on a transformational mission, and envisions a future where its solutions touch every life and bring positive impact to the millions of previously excluded Africans, through provision of stable financial services with a high level of integrity.
Cassava Smartech has evolved from a Fintech operation (primarily Mobile Money) to a full-fledged smartech business, constantly tapping into new opportunities to address everyday challenges through innovative, inclusive, stable and reliable digital solutions. Today, the company has established a balanced portfolio of distinct, yet highly synergistic business pillars, namely FinTech, InsurTech, Social Payments, On-Demand Services, e-Commerce, AgriTech, HealthTech and EduTech.
About Comviva Technologies Limited
Comviva is the global leader of mobility solutions catering to The Business of Tomorrows. The company is a subsidiary of Tech Mahindra and a part of the $21 billion Mahindra Group. Its extensive portfolio of solutions spans digital financial services, customer value management, messaging and broadband solution and digital lifestyle services and managed VAS services. It enables service providers to enhance customer experience, rationalize costs and accelerate revenue growth. Comviva’s solutions are deployed by over 130 mobile service providers and financial institutions in over 95 countries and enrich the lives of over two billion people to deliver a better future. For more information, please visit www.comviva.com