What EcoCash does

EcoCash is Zimbabwe's dominant mobile money platform, operated as a wholly-owned subsidiary of Econet Wireless Zimbabwe (founded 2011, headquartered in Harare). The platform serves over 8 million customers, processes 34+ million daily transactions, and holds 86%+ market share of Zimbabwe's mobile money market while accounting for 70%+ of all national payment transactions per Reserve Bank of Zimbabwe data. EcoCash serves individual consumers, SMEs and informal sector traders, formal merchants, and diaspora remittance recipients across Zimbabwe through a multi-channel distribution network including USSD (*151#), a smartphone Super App, Econet Shops, and 60+ mapped DMT (Domestic Money Transfer) partner agents nationwide.

The platform's core technology stack combines USSD-based mobile wallet services with the recently launched EcoCash Super App (developed by Sasai Fintech, a Cassava Technologies unit), which integrates WeChat-style social payments, automated bill-splitting, and lifestyle services. EcoCash operates multi-currency wallets (USD and ZWG/ZIG), issues virtual and physical Mastercard debit cards, integrates with 13+ Zimbabwean banks (Stanbic, Nedbank, CBZ, FBC, Steward, and others), and connects to 17+ international remittance partners (WorldRemit, Western Union, Remitly, M-Pesa, Sasai Money Transfer). Sub-brands include EcoCash Plus (SME wallet), Junior Wallet (parent-managed wallets for ages 9-18), and Kashagi Loans (USSD-delivered microloans). Technology is regulated by the Reserve Bank of Zimbabwe, with transaction fees set across Cash In (free), merchant/bill payments (0%-2.5%), P2P transfers (0%-1.5%), USD Cash Out (1.7%), and wallet-to-bank (1.5%, capped).

EcoCash generates revenue through a pure per-transaction take-rate model (no subscription or monthly fees), monetising across P2P transfers, merchant payments, bulk payroll, international remittances, Mastercard transactions, and wallet-to-bank transfers. Distribution combines self-serve digital onboarding (USSD and Super App), channel partner agents for cash-in/cash-out, and direct enterprise sales for banking integrations, merchant acceptance, and bulk payment clients. The company operates exclusively within Zimbabwe with no disclosed geographic expansion plans beyond diaspora remittance corridors.

Name

EcoCash

Legal name

EcoCash Zimbabwe

Website

https://ecocash.co.zw

Company type

Private

Founded year

2011

Operating status

Operating

Short description

EcoCash is Zimbabwe's dominant mobile money platform, serving 8+ million consumers, SMEs, and merchants through USSD, a smartphone Super App, and a nationwide agent network, processing 70%+ of national payment transactions and operating across payments, remittances, lending, and SME banking.

Ownership category

akta.pro rank

Product category

Mobile Money / Digital Payments

NAICS

Sales Financing (52222)

SIC

Finance Services (6199)

akta.pro primary industry

General-Purpose Digital Wallets (P2P + Merchant) (FSAMAEAA)

akta.pro secondary industries

International / Multi-Currency Wallets (FSAMAEAL), Digital Wallet Platforms (Consumer & Merchant) (BPAMAFAC), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

Keywords

• Mobile money platform
• Mobile wallet payments
• Diaspora remittance services
• Merchant bill payments
• Digital financial services

Headquarters

HQ city

Harare

HQ country

Zimbabwe

HQ region

Africa

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Transaction Fees: EcoCash charges transaction fees on specific service types as regulated by the Reserve Bank of Zimbabwe. Fees vary by transaction type and amount: Cash In is free (0% charge), Merchant/Bill Payments start at 0% then 1.5%-2.5% depending on amount and currency, P2P Send Money starts at 0% then 1.3%-1.5%, Cash Out is 1.7% in USD, and Wallet-to-Bank transfers are 1.5% with a maximum cap. All fees are deducted directly from the account at transaction conclusion.
2. Merchant Services: Merchants accepting EcoCash payments pay transaction fees for each payment received, with the platform providing fast, secure, and cashless transactions for over-the-counter sales. EcoCash also offers a QR Scan & Pay solution enabling merchants to accept payments via QR code without a POS machine.
3. Bulk/Payroll Payments: EcoCash provides a payroll and bulk payments service allowing businesses to process salaries directly to employees' mobile wallets, generating transaction fees for each bulk disbursement.
4. Diaspora Remittances: International remittance partners (WorldRemit, Remitly, Western Union, M-Pesa, etc.) route funds into EcoCash wallets, with EcoCash earning a share of transfer fees and providing guaranteed USD cash-out to recipients in Zimbabwe. Cash-out is free for diaspora recipients.
5. EcoCash Mastercard: EcoCash issues both virtual and physical Mastercard debit cards enabling international online payments and ATM/POS transactions. A digital services tax of 15.5% is charged on Mastercard payments for foreign services.
6. Banking Integration Services: EcoCash enables bank-to-wallet and wallet-to-bank transfers through partnerships with 13+ banks, charging fees on wallet-to-bank transfers (1.5% max $20 USD / ZWG 512) while bank-to-wallet transfers are free.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels7 records

Core offering

EcoCash is Zimbabwe's leading mobile money platform enabling consumers, merchants, and SMEs to send and receive money, pay bills, buy airtime/data, perform USD/ZWG currency conversion, and receive international remittances via USSD (*151#) and the EcoCash Super App. It also offers specialized products including Kashagi micro-loans, Junior Wallet for minors, EcoCash Plus for SMEs, payroll/bulk payment services, and EcoCash Mastercard for international online and POS transactions.

Product overview

EcoCash is a mobile money platform offering a comprehensive digital financial ecosystem in Zimbabwe. The core offering is the EcoCash Wallet, accessible via USSD (*151#) and the EcoCash Super App, which integrates payments, social messaging with embedded payments, and lifestyle services. The platform operates as a multi-product portfolio including personal wallets (EcoCash Wallet, Junior Wallet for minors), business solutions (EcoCash Plus for SMEs, EcoCash Payroll for bulk payments), credit products (Kashagi microloans), currency services (Bureau de Change), remittances (via 15+ international partners including WorldRemit and Western Union), bill payments across utilities/telecom/insurance/retail categories, QR code payments, EcoCash MasterCard for international use, and agent-based cash in/cash out services. The ecosystem connects with 11 banking partners for wallet-to-bank transfers and supports both USD and ZWG currencies.

Differentiator

Problem solved

Functional benefit

Brands

• EcoCash Plus: SME wallet designed for small and medium businesses, vendors, and service providers to transact, pay bills, manage payroll, and access business records.
• Junior Wallet
• Kashagi Loans
• EcoCash Super App

Products and services

• EcoCash Wallet Mobile money wallet enabling financial transactions via USSD (*151#) or the EcoCash Super App, including sending money, bill payments, airtime purchases, and peer-to-peer transfers in USD and ZWG currencies for Zimbabwean consumers.
• EcoCash Super App All-in-one super app integrating payments, WeChat-style chat/messaging, and lifestyle services for EcoCash customers, featuring social payments within chat, automated split-bill functionality, merchant payments, bill settlements, airtime/data purchases, and content monetization for digital creators.
• EcoCash Plus Business wallet for SMEs, vendors, and informal sector traders enabling transactions, bill payments, payroll management, supplier payments, and digital transaction statements with zero maintenance fees.
• Junior Wallet Mobile wallet for users under 18, supervised by a parent/guardian, enabling children aged 9-18 to transact within a parent-managed environment with an associated EcoCash wallet for financial literacy.
• Kashagi Loans Micro-loan service providing instant loans transferred directly to an EcoCash wallet with no paperwork or queues, accessible via USSD (*151*6#) or in-app application.
• Bureau de Change Currency conversion service enabling users to switch between USD and ZWG directly from their EcoCash wallet via USSD (*150#) without visiting a physical branch.
• EcoCash QR Scan & Pay QR code-based payment solution allowing merchants to accept payments via scan-and-go without POS machines, with secure and instant transaction processing.
• EcoCash Mastercard Virtual and physical debit card enabling online payments, international transactions, ATM withdrawals, and POS payments at millions of Mastercard merchants worldwide; virtual card generatable via dial code 153242#.
• Diaspora Remittances International money transfer service allowing overseas senders to transfer funds directly to EcoCash wallets via multiple partner platforms including WorldRemit, Western Union, M-Pesa, and others, with free cash-out and USD guarantee.
• EcoCash Payroll & Bulk Payments Bulk payment service enabling businesses to process salaries directly to employees' EcoCash mobile wallets, simplifying payroll management and supplier disbursements.
• Bill Payments Aggregated bill payment service covering utilities (ZESA, ZINWA, council rates), telecom (DStv, Econet, Liquid Home, Telone), insurance (Ecosure, Fidelity Life), education (NUST), retail, and other categories via a single platform.
• Cash In Cash deposit service enabling users to load money into their EcoCash wallet by visiting Econet shops or EcoCash agents with National ID, with minimum deposit of $1.
• Cash Out Cash withdrawal service allowing users to withdraw USD cash from EcoCash wallet at any EcoCash partner nationwide.
• Pay Merchant Merchant payment service enabling users to pay for goods and services at EcoCash-registered merchants using their mobile wallet via merchant codes.

Quantifiable outcome

• EcoCash accounts for over 70% of all national payment transactions in Zimbabwe (mobile platforms and traditional banking combined) per Reserve Bank of Zimbabwe data.
• +4 more outcomes

Named customers15 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration28 records

Feature10 records

Partnerships

16 partnerships are on record, tiered core and minor.

• Sasai Fintech (Cassava Technologies)coreTechnology or Integration · 29 May 2026Sasai Fintech, a business unit of Cassava Technologies, developed the EcoCash Super App, representing a strategic shift from transactional mobile wallet to a fully integrated digital platform. The Super App integrates payments, chat, and lifestyle services including social payments, automated bill-splitting, and content monetisation.
• Econet Wireless ZimbabwecoreOthersEcoCash is a mobile money service owned and operated by Econet Wireless Zimbabwe. Econet provides the telecommunications infrastructure, SIM cards, retail shops, and customer support infrastructure (114 helpline) that underpin the EcoCash platform. EcoCash was launched in 2011 as Econet's mobile money offering.
• Stanbic BankcoreTechnology or IntegrationStanbic Bank is one of 13+ banking partners integrated with EcoCash enabling bank-to-wallet and wallet-to-bank transfers, allowing customers to link their Stanbic accounts to their EcoCash wallets for seamless fund transfers.
• Nedbank ZimbabwecoreTechnology or IntegrationNedbank Zimbabwe is a banking partner integrated with EcoCash enabling cross-platform fund transfers between Nedbank accounts and EcoCash wallets.
• CBZ BankcoreTechnology or IntegrationCBZ Bank is integrated with EcoCash for wallet-to-bank and bank-to-wallet transfer services, one of the largest banks in Zimbabwe.
• First Capital BankcoreTechnology or IntegrationFirst Capital Bank is a banking partner enabling fund transfers between EcoCash wallets and First Capital Bank accounts.
• FBC BankcoreTechnology or IntegrationFBC Bank partners with EcoCash for account linking and fund transfer services.
• Steward BankcoreTechnology or IntegrationSteward Bank is integrated with EcoCash for wallet services and is also cited as an intellectual property co-owner in the terms and conditions.
• POSB, ZB, NBS, Cabs, BancABC (and other banking partners)coreTechnology or IntegrationEcoCash is integrated with over 13 banking partners in total including POSB, ZB, NBS, Cabs, and BancABC, enabling bank-to-wallet and wallet-to-bank transfers across the Zimbabwean banking ecosystem.
• MastercardcoreTechnology or IntegrationEcoCash issues Mastercard-branded debit cards (virtual and physical) in partnership with Mastercard, enabling online payments, ATM withdrawals, and POS transactions globally. A digital services tax of 15.5% applies to Mastercard payments for foreign services.
• WorldRemitcoreChannel Partner/ Reseller/ DistributorWorldRemit is a global digital remittance partner allowing users to send money to Zimbabwe directly into EcoCash wallets. Recipients can cash out USD for free at any EcoCash agent across Zimbabwe.
• Western UnioncoreChannel Partner/ Reseller/ DistributorWestern Union enables international remittance transfers to EcoCash wallets in Zimbabwe, one of the most recognised global money transfer brands.
• RemitlyminorChannel Partner/ Reseller/ DistributorDigital remittance partner enabling money transfers to EcoCash wallets in Zimbabwe.
• M-PesaminorChannel Partner/ Reseller/ DistributorM-Pesa (Safaricom's mobile money platform) enables cross-border remittance transfers to EcoCash wallets in Zimbabwe.
• Sasai Money TransfercoreChannel Partner/ Reseller/ DistributorSasai Money Transfer is EcoCash's own diaspora remittance service operated by Sasai Fintech, enabling international transfers directly into EcoCash wallets with guaranteed USD cash-out and zero fees.
• MTN, Orange, Airtel, Ria, TapTapSend, Xoom, Paysend, ClickSendNow, Mama Money, Shoprite, Hello PaisaminorChannel Partner/ Reseller/ DistributorAdditional international remittance partners enabling diaspora money transfers to EcoCash wallets in Zimbabwe, expanding the network of global send corridors.

Scale indicators9 records

Recent moves6 records

Expansion highlights7 records

Broad incumbents

• Flutterwave: Flutterwave is a leading African payment infrastructure provider enabling merchants and developers to process payments across the continent. It is a broad incumbent in African digital payments rather than a direct consumer wallet competitor to EcoCash, but addresses the same African digital commerce opportunity at a different layer.
• Interswitch: Interswitch is a major Nigerian payments and digital commerce platform operating Verve (Africa's largest domestic card scheme) and a broad suite of merchant and consumer payment services. It is a broad incumbent in African payments rather than a direct mobile money peer to EcoCash, but addresses the same African payment ecosystem.

Regional players

• Fawry: Fawry is Egypt's leading electronic payments network, offering bill payments, mobile top-ups, and merchant payments to tens of millions of users. It is a strong regional analogue to EcoCash in the North African / MENA mobile money and bill payments category, though it does not directly compete in Zimbabwe.

Emerging players

• Chipper Cash: Chipper Cash is an African cross-border payments platform offering P2P remittances and business payments across multiple African countries. While not a full mobile money stack like EcoCash, it competes in the same African remittance corridors and digital wallet segment, particularly for diaspora flows.
• OPay: OPay is an emerging Nigerian mobile money and super-app offering P2P transfers, bill payments, merchant acquiring, and ride-hailing. It represents the new generation of African mobile money super-apps attempting to combine payments with lifestyle services — directly comparable to EcoCash's Super App strategy.

Direct peers

• M-Pesa (Safaricom / Vodacom): M-Pesa is the largest African mobile money platform, founded in Kenya in 2007 and operating across multiple African countries. It is the closest functional and business-model analogue to EcoCash, offering USSD and app-based P2P transfers, bill payments, merchant payments, micro-loans, and international remittances — directly comparable to EcoCash's full-stack wallet.
• Orange Money (Orange S.A.): Orange Money is a major mobile money service operated by Orange across multiple African and Middle Eastern countries, including Francophone Africa where it is the dominant wallet. It is an EcoCash remittance partner and competes for the same African mobile money and cross-border remittance opportunity.
• Wave (Wave Mobile Money): Wave is a fast-growing mobile money operator in Senegal, Côte d'Ivoire, Mali, Burkina Faso, Gambia, and Uganda, known for low-cost P2P transfers and merchant payments. It is a direct functional competitor to EcoCash in the African mobile money category with a similar mass-market, fee-light strategy.
• MTN MoMo (MTN Group): MTN MoMo is one of Africa's largest mobile money services, operating across more than a dozen African countries with tens of millions of active wallets. It competes head-to-head with EcoCash in cross-border remittance corridors and offers the same P2P, bill pay, merchant, and micro-loan capabilities, making it a direct African mobile money peer.
• Airtel Money (Airtel Africa): Airtel Money is a major pan-African mobile money platform operating in 14 African countries, offering P2P transfers, merchant payments, airtime, bill pay, and cross-border remittances. As an existing cross-network remittance partner of EcoCash and a competitor for the same African mobile money user base, it is a clear direct peer.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/EcoCashZW

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about EcoCash