Mahindra Comviva and Econet Wireless have jointly won the AfricaCom Award in the “Fintech Innovation Award” category. This award is for EcoCash Diaspora services. EcoCash, which was also recognized as the best mobile payment service in the world earlier this year (GSMA GLOMO Awards 2017) is managed by Cassava Fintech (Cassava) on behalf of Econet Wireless Operations. The award was presented on November 8th at the Cape Town International Convention Center, South Africa. This is Mahindra Comviva’s second consecutive AfricaCom Award and third in the past five years.
The Zimbabwean diaspora sends billions of dollars in remittances every year. Sending money through formal channels remains expensive for most Zimbabwean migrants abroad, leading to a parallel industry of sending remittances through informal channels such as acquaintances and bus drivers. However, relying upon informal remittance channels is risky as well as time consuming.
To overcome these challenges, EcoCash Diaspora service was launched, to provide quick, secure, cost-effective and convenient way for Zimbabweans to remit money. Through partnerships structured and managed by Cassava, Econet Wireless has partnered with multiple money transfer operators and mobile money providers enabling Zimbabweans in over 200 countries and territories to send money directly to EcoCash customers in Zimbabwe. The remittance is received in EcoCash mobile wallet of consumers in Zimbabwe. This money can be cashed-out at any of the 30,000 EcoCash agents or used for P2P payments, merchant and bill payments, furthering Zimbabwe’s cashless society initiative.
Manoranjan Mohapatra, Chief Executive Officer, Mahindra Comviva, said, “We are very excited to win at this year’s AfricaCom Awards in the “Fintech Innovation” category. We are in a period of profound transformation, where the very nature of money is changing with every technology leap. We are glad that we are playing a part in this transformation, which is providing peace and convenience to so many millions of Zimbabweans through safe and secure remittance services, anytime and anywhere.”
Darlington Mandivenga, Group CEO, Cassava Fintech, said “As a pan-African business with roots on the continent, we focus on addressing real African challenges by driving financial inclusion and providing digital financial power to millions of people – basically the “unsung heroes” who strive everyday for a living, and whose daily jobs, though characterized by “meager earnings”, are responsible for sustaining entire families. Many of these still live on less than a few dollars a day, and unfortunately remain financially excluded. International remittances therefore provide an important source of livelihoods for millions of these people”.
“Through our intimate understanding of the different customer needs, our tailored solutions are designed to be relevant, convenient and above all impactful – while we humbly receive this award, our deepest satisfaction and the biggest award for us comes from seeing the impact we are having in the lives of millions of ordinary people across the continent, by providing financial solutions that change lives forever,” Darlington further added.
mobiquity® Money delivers a host of mobile money services that transforms 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 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 clocked over 63 deployments in more than 45 countries. It powers three of the top 10 deployments globally and processes 3 billion transactions every year amounting to $55 billion annually.
Cassava is a specialised Pan-African Fintech company that delivers innovative digital transaction solutions across the mobile ecosystem. The company has operations in a number of African countries such as Zimbabwe, Burundi and Lesotho where it operates and manages the EcoCash mobile money service on behalf of Econet Wireless mobile operators. In addition to mobile money and remittances, Cassava’s solution set cuts across other areas such as payments, mobile micro-insurance, banking and mobile commerce.
AfricaCom is the largest and most influential Africa focused tech event, celebrating its 20th Anniversary this year. The AfricaCom Awards celebrate the achievements of the best companies, solutions, products and personalities improving connectivity and driving Africa through the fourth industrial revolution.