Recognized for EcoCash services to strengthen country’s financial inclusion and economic development
Annually 17% Zimbabwean households use EcoCash and push transactions equivalent to 22% of the country’s GDP
EcoCash aims to generate new revenue streams for agents
Nairobi, Kenya –November 29, 2013: Mahindra Comviva, the global leader in providing mobile financial and VAS solutions, has won the prestigious Meffys award in the ‘Social responsibility’ category for EcoCash, a mobile payment service offered by Econet Zimbabwe. EcoCash is powered by Mahindra Comviva’s mobiquity® mobile money solution which has over 60 deployments in 42 countries. The awards were presented at the prestigious ceremony held recently at MEF Global Forum 2013 in Silicon Valley.
The Meffys awards, presented by the Mobile Entertainment Forum, are established and coveted global awards and are acknowledged as the global benchmark for measuring success and rewarding innovation in mobile content and commerce.
The judges, drawn from an expert panel of journalists, analysts, academics and VCs, were particularly impressed with the way the EcoCash service unified the vast commercial ecosystem of Zimbabwe by deepening financial access and empowering the underserved and unbanked segments of the population.
Speaking on the occasion, Manoranjan Mohapatra, Chief Executive Officer, Mahindra Comviva said, “The Meffys awards are the most established and coveted global awards for mobile content & commerce. They have set precedents for measuring success and innovation. We are extremely honored to receive an award of such stature. At Mahindra Comviva, we are committed to bringing about a difference in the lives of beneficiaries through our initiatives to increase financial access.”
MEF’s CEO, Rimma Perelmuter commented, “Congratulations to Mahindra Comviva for winning the 2013 Social Responsibility Award. The Meffys 2013 Awards received entries from over 25 countries and the 10th Anniversary of the Meffys were a fantastic showcase of innovation and commercial success from around the world. EcoCash powered by mobiquity® stood out for the international judging panel and we congratulate the whole team for their achievements in advancing mobile content and commerce adoption”
EcoCash service is delivering financial and payment services to the Zimbabweans, the majority of whom are unbanked and thereby providing a mechanism of organized financial services to reach all segments of the society. Mahindra Comviva’s mobiquity® mobile money solution provides EcoCash customers with a multi-functional and secure account to receive salaries, initiate international and domestic remittances, buy airtime, pay utility bills and merchant payments. An approximate of 3million Zimbabweans use EcoCash and transactions equivalent to 22% of the country’s GDP (USD 10B) are processed by the system annually.
mobiquity® is a highly robust, secure, scalable and feature rich mobile financial solutions platform that embraces mobile phone as a digital container for holding money and payment instruments – enabling service providers across financial and telecom industry to cater to the diverse financial needs of various consumer segments. The platform delivers a range of financial and payment services such as mobile money, branchless banking, mobile banking, mobile payments and point of sale solutions for proximity payments, supporting various handset bearers including Client App, QR codes, NFC, USSD and STK.
Source: Mahindra Comviva