Traditionally, the high cost of sending remittances and opaque transfer records are the common challenges that give rise to the need for digital international money transfer solutions. These challenges were more common for Africans trying to receive or send money abroad. However, the Fintech industry’s growth has resulted in a turnaround, allowing swift international remittance for Africans. In an announcement on Wednesday, 28 June, Mobile money service EcoCash has partnered with PayPal to facilitate international remittances to Zimbabwe.
Transactions will be facilitated by global cross-border remittance firm Thunes. Steward Bank had also recently announced that it had added Thunes to its network of remittance partners.
The partnership means that Zimbabweans in the diaspora with a PayPal account can now send funds directly to the EcoCash USD wallet.
A spokesman from EcoCash expressed excitement about the partnership, noting that EcoCash’s remittance partners were increasing.
“Leveraging our Hub partnership with Thunes, we are excited to add Xoom, a PayPal money transfer service, to our growing number of remittance partners to Zimbabwe.
“Anyone with a PayPal account can now simply log on to the PayPal Xoom service, using their PayPal credentials, and be able to instantly send money to their family or friends on EcoCash USD wallet from wherever they are around the world,” the spokesman said.
A Tech Advantage for EcoCash
Data from Statista projects that digital remittances segment transaction value will reach $127,262 million in 2022 and $166,373 million by 2025, with a growth rate of 9.34% between 2022 and 2025.
Traditional money transfers are being replaced with new-generation, sophisticated payment solutions. Thus, digital remittance providers like EcoCash in Zimbabwe are of great benefit.
For pointers, EcoCash is the largest mobile money company in Zimbabwe and part of EcoCash Holdings Zimbabwe. It can adapt to customers’ needs and hence promote financial inclusion and, in the process, expand its offering in the country and beyond.
By creating efficient international remittance solutions, EcoCash is converting a new type of your target audience that could help drive an increase in accounts and generate good sales and ROI.