Following shareholder approval of the transfer of EcoCash Holdings Zimbabwe Limited’s (EHZL) fintech businesses to Econet Wireless Zimbabwe Limited (EWZL), management has extended voluntary and mutual separation offers to staff in EcoCash Holdings Zimbabwe Limited.
The move follows a Scheme of Reconstruction which was first announced by EWZL and EHZL at the beginning of the year and obtained EcoCash Holdings shareholder approval at an EGM held on April 17, 2024.
Among the reasons cited for the Scheme of Reconstruction was the need for the consolidated business to streamline several duplicated roles and activities, to enhance synergies and preserve shareholder value.
This would necessitate staff rationalisation across the EHZL and EWZL businesses. A spokesman for the company said:
<blockquote>
Management have started the process of operationalising the Scheme of Reconstruction. And while other consultations with various stakeholders progress, they have offered interested staff the opportunity to consider and exercise the option of voluntary separation.
</blockquote>
The EHZL fintech businesses that have been transferred and consolidated into EWZL include EcoCash (Private) Limited, VAYA Technologies Zimbabwe (Private) Limited, Econet Insurance (Private) Limited, Econet Life (Private) Limited, MARS Zimbabwe (Private) Limited and Maisha Health.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

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EcoCash Employees Face Tough Choices As Company Offers Voluntary Retrenchment

EcoCash Zimbabwe has reduced IMT Tax on USD transactions from 2 percent to 1 percent. In a message sent to this reporter, the Mobile Money service provider said:
<blockquote>
Dear Customer
IMT Tax on USD Transactions has been reduced from 2% to 1%. Total send money charge is now 2.3%. To send US$10 you will be charged 23 cents only.
</blockquote>
<h3>Ecocash users can</h3>
<div class="half">
<ul>
<li>Transfer (send) money across all networks</li>
<li>Pay for goods and services locally and internationally</li>
<li>Pay bills such as school fees, Council utility bills (water, rates), DSTV, etc</li>
<li>Withdraw money (Cash-Out)</li>
<li>Buy Econet prepaid airtime, text, and data bundles or pay a directly connect account for yourself and other Econet subscribers</li>
<li>Make secure online payments</li>
<li>Receive money from diaspora</li>
<li>Deposit money (Cash-In)</li>
<li>Save money</li>
<li>Access loans</li>
<li>Link EcoCash wallet to their bank accounts</li>
</ul>
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>
</div>
<div class="half"> </div>

EcoCash Zimbabwe Reduces IMT Tax On USD Transactions From 2% To 1%

Zimbabwe’s richest man <a href="https://www.pindula.co.zw/Strive_Masiyiwa">Strive Masiyiwa</a> is now among the world’s top 20 black billionaires following a strong rebound in his net worth since the beginning of 2023.
Masiyiwa’s net worth dropped by $1.5 billion last year, but it has now rebounded due to an increase in the share prices of his publicly traded companies on the Zimbabwe Stock Exchange (ZSE), specifically <a href="https://www.pindula.co.zw/Econet_Wireless_Zimbabwe">Econet Zimbabwe</a> and <a href="https://www.pindula.co.zw/EcoCash">EcoCash Holdings</a>.
According to Forbes, Masiyiwa has seen his net worth increase by $800 million since the start of 2023 from $1.2 billion at the start of the year to $2 billion as of April 5, <a href="https://billionaires.africa/2023/04/05/strive-masiyiwa-zimbabwes-wealthiest-man-bounces-back-with-800-million-net-worth-increase/">Billionaires Africa</a> reported.
The strong rebound in his net worth cements his position as one of Africa’s richest billionaires and also one of the world’s 19 Black billionaires.
Masiyiwa’s billion-dollar fortune comes partly from owning a 52.85% share in Econet Zimbabwe, which is the top telecommunications service provider in the country, and a 30% share in EcoCash Holdings, a company that offers mobile money transfer services.
Through his interest in Econet Global Limited, a diversified telecom group with operations and investments in Africa, Europe, South America, and the East Asia-Pacific Rim, the Zimbabwean billionaire also has a $145 million stake in Liquid Intelligent Technologies.
Since the beginning of the year, the share price of Econet Zimbabwe had risen by 160.37 per cent, from ZWL96.28 ($0.30) on January 1 to ZWL250.68 ($0.78) as of April 5.
The share price of EcoCash Holdings had increased by 69.55 per cent, from ZWL40.081 ($0.12) to ZWL67.96 ($0.21) as of April 5. 
<a href="https://zero.pindula.co.zw/">More Pindula News</a>

Strive Masiyiwa Now Among The World’s Top 20 Black Billionaires

<a href="https://www.pindula.co.zw/EcoCash">EcoCash</a>, a mobile money platform in Zimbabwe, has partnered with Remitly — a United States-based digital financial services provider — to facilitate more international remittance inflows into the country.
The partnership is premised on enabling Zimbabweans living abroad, in countries such as the United States, Canada, Germany, Australia, Ireland and the United Kingdom, to send money back home through Remitly, using their mobile phones or web applications.
The partnership with Remitly signifies the company’s desire to transform the lives of its customers and their families through convenience, <a href="https://www.newsday.co.zw/branding-voice/article/200007184/ecocash-partners-us-based-remitly-to-boost-remittance-inflows-into-the-country">NewsDay</a> reported citing EcoCash’s chief operating officer Munyaradzi Nhamo. He said: 
<blockquote>
This collaboration will allow people in the diaspora to send money from Remitly’s digital platform directly into our customers’ EcoCash USD wallets in a safe and secure way.
The money can be picked up in cash at Econet shops, EcoCash partners and Steward Bank branches throughout the country, be it in cities towns or rural areas, where cash will be guaranteed.
In addition, once the remittances are in their EcoCash USD wallet, customers will be able to make international payments, such as paying their Nexflix or DSTV subscriptions, or settling any other payments for goods or services.
</blockquote>
EcoCash has over the past few years partnered with global remittance players such as SasaiRemit, World Remit, Mukuru, Western Union, Moneygram and Mama Money among others, to facilitate the inflow of remittances into Zimbabwe.
<ul>
<li><a href="https://zero.pindula.co.zw/diaspora-remittances-among-top-forex-earners-in-2020/">Diaspora Remittances Among Top Forex Earners In 2020</a></li>
<li><a href="https://zero.pindula.co.zw/mthuli-ncube-projects-surge-in-diaspora-remittances/">Mthuli Ncube Projects Surge In Diaspora Remittances</a> </li>
<li><a href="https://zero.pindula.co.zw/economist-says-govts-proposed-diaspora-bond-looks-attractive/">Economist Says Govt’s Proposed Diaspora Bond “Looks Attractive”</a></li>
<li><a href="https://zero.pindula.co.zw/diaspora-can-now-send-airtime-to-zimbabwe-via-techzim/">Diaspora Can Now Send Airtime To Zimbabwe via Techzim</a></li>
</ul>
Remittances are a lifeline for millions of Zimbabweans living and working around the world, who rely on the service to quickly move money to their families securely.
According to the Reserve Bank of Zimbabwe, international remittance inflows into the country rose to US$1,66 billion last year alone, up from US$1,43 billion in the previous year.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

EcoCash Partners American Financial Services Provider To Facilitate International Remittance

EcoCash has reduced its US dollar transfer charges following the government’s reduction of the Intermediated Money Transfer Tax (IMTT) to 2%, down from 4% effective from 1 January 2023.
In a notice to its customers, EcoCash said the 2% tax only applies to transactions higher than US$5. It also said all cash-in transactions were free.
EcoCash US dollar transfers are done via the EcoCash US dollar wallet, accessible by dialling *153# on an EcoCash registered Econet line.
The EcoCash wallet allows users to cash in, cash out, send money, receive money, make payments and buy airtime in US dollars. A company spokesperson said:
<blockquote>
The beauty about the EcoCash USD wallet is that there is no need to register a new wallet, as all existing registered EcoCash customers have the USD wallet by default on their profile, which is accessible by simply dialling *153#.
</blockquote>
Cash-in can be done at Econet Shops, OK Supermarkets, and Steward Bank branches throughout the country, or at over 500 EcoCash branded merchant outlets across the country.
Following the reduction in transfer charges, a registered EcoCash customer will pay a total of US$0.33 (US$0.20 IMT tax, and US$0.13 EcoCash fee) when sending US$10.
Those cashing out US$10 will be charged US$0.17 in transaction charges.
Sending US$50 now attracts a 2% tax of US$1.00 and a US$0.65 transaction charge, bringing the total transfer fees to US$1.65, while those cashing out US$50 will be charged US$0.85.
Sending US$100 will cost US$3.30 – made up of US$2 in tax and US$1.30 in transaction fees. Cashing out US$100 attracts US$1.70 in charges. | <a href="https://www.herald.co.zw/ecocash-slashes-its-us-dollar-transfer-charges/">The Herald</a>

EcoCash Lowers Its US Dollar Transfer Charges

<a href="https://www.pindula.co.zw/EcoCash">EcoCash</a>, Zimbabwe’s largest mobile money platform, has increased its transaction limits by an average of 230%.
According to a transaction schedule released by the EcoCash Holdings unit, mobile money users can now send;
<blockquote>
1). up to ZW$350 000 a month, up from ZW$280 000. 
2). up to ZW$75 000 a day, from ZW$10 000.
3). up to ZW$350 000 in four batches of ZW$75 000 in a day.
</blockquote>
Merchant payments have been increased by 50%, to ZW$600 000 per month up from ZW$400 000.
EcoCash customers who want to exhaust the ZW$600 000 limit in one day may conduct four successive transactions of ZW$150 000. 
Daily transaction limits for merchant payments were raised from ZW$50 000 to ZW$150 000.
<h2>Some Context:</h2>
The review comes when mobile money users were complaining that the transaction limits were too low considering the pace at which the prices of goods and services were rising in the country.
According to ZIMSTAT, the Total Consumption Poverty Line (TCPL) for Zimbabwe stood at $27 297.53 per person in September 2022, and ZW$136 487.65 (US$219.78) for a family of five.
<h2><a href="https://zero.pindula.co.zw/">Pindula News</a></h2>

EcoCash Increases Transaction Limits

<a href="https://www.pindula.co.zw/EcoCash">EcoCash Zimbabwe</a> has partnered with OK Zimbabwe, a Zimbabwe Stock Exchange (ZSE)-listed leading supermarket retailer, for USD cashouts.
OK Zimbabwe covers groceries, basic clothing and textiles and houseware products. 
EcoCash, Zimbabwe’s largest mobile phone-based money transfer, financing and microfinancing service, announced on social media:
<blockquote>
Cash-out USD from <a href="https://www.facebook.com/hashtag/ok?__eep__=6&amp;__cft__[0]=AZWDlnnFO_ySvVaFsvzFAGer3HzQcYupzhIlF_S4iY253zu0Pr01unHF8XvjWYsv70kwdgHMWJAm0u16NGMSMJlc_RVsHTQufU8JMlrhWwPagjtcK0wY17ZSjqtPlAID1IKJsqW7hx6kIk8eoY0mx0XkNX4ZkFmLwOpeVn3oCi74CF9dTIX8x_tJWmenWWY9VKs&amp;__tn__=*NK-R" role="link" tabindex="0">#OK</a> Zimbabwe because they have long trading hours and there are less queues.
</blockquote>
EcoCash, which is run by EcoCash Holdings Zimbabwe Limited, also told its customers that they can visit the Econet Shop at Sam Levy's Village in Borrowdale for USD cash out. Said the mobile money transfer facility:
<blockquote>
Cash-out spot alert: It takes no more than 120 seconds to cash out USD from our cash out shop along Borrowdale Road. There are ZERO queues, as evidenced below; and USD cash guaranteed. Receive funds from abroad and cash out USD from our Borrowdale shop today. 
</blockquote>
EcoCash relaunched the EcoCash USD FCA Wallet in 2020 allowing customers to pay Merchant and Bill Payments at all USD accepting stores, Buy Buddie Airtime for themselves and others, Send Money ( USD ) to another EcoCash USD FCA Wallet number, Use your MasterCard and VCN for International Payments and finally Cash Out in USD should they need to. 
Customers can also receive money from the UK, EU and Mzansi via SasaiRemit (formerly Cassava Remit and EcoCash Remit) and the money goes directly into their EcoCash USD FCA Wallet.
<h2><a href="../../../../../">Pindula News</a></h2>

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