Ecocash USD wallet sees steady growth

Ecocash Holdings Zimbabwe says the adoption and use of its US dollar wallet grew steadily during the quarter to May 2023, resulting in an eight-fold increase in transaction values.

The company said in a trading update, the growth in the US dollar wallet was a result of customers taking advantage of the convenience and reliability of the company’s mobile money platform.

It also noted that the local currency wallet continued to support Government efforts to promote Zimbabwe dollar transactions.

“We launched new features during the quarter, including 3D Secure Payments, which allows secure and seamless USD payments for online internet transactions through the EcoCash MasterCard debit card, which our customers have well received,” it said.

In the insurtech segment, the company has been focused on preserving value for its customers while offering products that provide flexible and affordable coverage options.

Ecocash Holdings said the life insurance subsidiary performed well during the quarter, with USD policies growing by 56 percent in the quarter under review compared to the same prior year period.

The short-term insurance business saw a 116 percent growth in total policyholders at the end of May 2023 as compared to May prior year, and the growth was evenly distributed through all revenue lines.

The group’s digital platforms continued to focus and drive the anchor businesses in healthtech and on-demand services.

Ecocash Holdings said the quarter saw the launch of a smart solution called Asset Track, which allows businesses and individuals to remotely track their electronic assets.

“The Internet-of-Things (IoT)-enabled innovative solution shows a deliberate investment in improving our existing product offering with the introduction of advanced features aimed at better user experiences.

“We are confident in the ability of these growing businesses to contribute to the broader EcoCash Holdings Groups performance,” the company said.

The company intends to raise capital to settle debentures through a Renounceable Rights offer of US$30,3 million.