Ecocash to lend money

By Published On: November 25th, 2013Categories: News

EcoCashSave account holders will soon be able to also borrow money, just like ordinary bank account holders. This is part of what will be called EcoCashCredit that Econet is planning to roll out early in the new year.

Econet Wireless CEO, Douglas Mboweni, confirmed that a scheme is being developed whereby people can also borrow money from EcoCash.

He said the borrowing will be done through partner banks, including Steward Bank.

He said lending was a natural next step, adding that the plan was to lend for uses such school fees, right up to housing loans. He said more details would be released in the new year.

Meanwhile, Mr Mboweni confirmed that the number of bank accounts held by Steward Bank on behalf of EcoCashSave now surpassed those held by all the banks put together. “We have more than 900,000 account holders, compared to 850,000 for all the banks,” he said.

The contents of the post above were obtained from third parties, which We, AfricanFinancials, believe to be reliable. However, We do not guarantee their accuracy and the above information may be in condensed form. The reader is encouraged to refer to the original source of the information, which, in most cases, is in PDF format and on the originating company's letterhead. While We endeavour to replicate the original content accurately, We cannot guarantee the absence of errors in the above article and We disclaim any liability regarding reliance on information provided in this article.