MasterCard Reduces Cash Dependence in Zimbabwe with Three Million Debit Cards
MasterCard and EcoCash will help reduce cash dependence in Zimbabwe by providing three million MasterCard debit cards over the next five years. This is the largest rollout of chip and PIN cards in Zimbabwe, and is the first time that MasterCards are being made available to people using mobile money services in Africa.
Customers will now be able to draw their money out of ATMs or use their cards where MasterCard is accepted.
“The adoption of electronic payments is critical to Zimbabwe’s economic development,” said Douglas Mboweni, CEO of Econet, the parent company of EcoCash. “Reducing dependency on cash while increasing financial inclusion benefits the whole country including the government, industry sectors like tourism and retail, merchants and citizens.”
The most recent surveys indicate that 40% of people in Zimbabwe are financially excluded, and another 22% use informal financial services to cover their costs. EcoCash has opened the doors for unbanked and underbanked citizens in this country to participate in the economy. In addition, they have managed to reduce the demand banks have for money when currency is scarce and expensive.
“We look forward to offering Zimbabweans even more ways to benefit from the security and convenience of electronic payments as they engage with, and contribute to, the formal economy,” said Cuthbert Tembedza, EcoCash CEO.