January 23, 2025
EcoCash widens financial inclusion drive
ZIMBABWE’S largest mobile money platform, EcoCash, has launched a child-focused payment platform in a move seen by analysts as rallying behind the central bank’s drive for financial inclusion and financial literacy.
The Reserve Bank of Zimbabwe has for the past decade pushed for the country’s unbanked population to participate in the formal economy by encouraging innovation in the financial technology sector.
EcoCash chief operating officer Munyaradzi Nhamo said the launch of EcoCash Junior Wallet is aimed at creating convenience and helping children develop financial literacy.
“We are not only looking at financial inclusion but financial literacy as well where we are demystifying services and financial services, especially to ensure that all the financial services are accessible within Zimbabwe and everyone is able to participate…hence the need for us to be able to ensure that financial inclusion, literacy… where we ensure that our children are equipped for financial inclusion is critical for the future,” he said at the launch of the Junior Wallet.
“The Junior Wallet was motivated after we noticed that our future is not certain as a country considering that over 28 percent of the population in the country is between nine and 18. There is need for us to ensure that we are able to inculcate the right culture and the right mindset in terms of financial management and ensure that the legacy that we leave as parents and guardians is a legacy that is able to sustain our children for the future hence the need for us to introduce a product such as the EcoCash Junior Wallet, which will be able to equip our children in terms of financial matters.”
The launch of the Junior Wallet comes at a time when various studies have revealed that teaching financial skills to children before they enter college, or join the workforce, is crucial to helping them grow into adults who can achieve financial security and success.
On its part, the central bank recently identified youths as one of the target groups for financial inclusion strategies.
“The benefits of a sound, financially literate population would reflect in the financial stability of the economy, as the young people prepare to transition from an economically dependent segment of the population to an economically active and contributor to the productivity and growth of the economy,” the RBZ said.
Meanwhile, EcoCash Holdings chief executive officer Eddie Chibi said only parents and guardians are allowed to register and fund the ‘EcoCash Junior Wallet’ on behalf of children from their wallets.
