EcoCash Reports 80% Revenue Increase in Q3

Nyashadzashe Ndoro

Chief Reporter

EcoCash Holdings Zimbabwe Limited has announced an 80% increase in revenue for the third quarter ending November 30, 2024, driven by its strategic focus on improving operational efficiencies through technology.

The company's financial performance, however, was affected by the official devaluation of the gold-backed local currency, ZiG, which resulted in a 43% loss of value on ZiG balances held by the bank.

Despite this challenge, EcoCash Holdings maintained its strategy of leveraging technology to enhance operational efficiencies, leading to an increase in operating profit. The company remains compliant with Tier 1 Capital requirements, as prescribed by the Reserve Bank of Zimbabwe.

In terms of key developments, EcoCash Holdings introduced a new Omni Channel platform—a unified, secure digital platform that improves customer experience and security. The platform integrates essential banking services, including account and card management, bill payments, and fund transfers.

The company also launched a new ZIPIT Fund Transfers service, enabling customers to transfer funds from any Foreign Currency Account or Mobile Wallet directly to their Steward Bank VISA card using the ZIPIT platform.

Additionally, EcoCash Holdings enhanced its service offerings by implementing card-less withdrawals and deposits through intelligent ATMs, providing customers with greater convenience and flexibility in conducting transactions.