EcoCashSave will be giving their customers a ‘banky feeling’ as form the beginning of next year, the account holders will be able to borrow money just like ordinary bank account holders; this is part of what will be called EcoCashCredit form Econet.
Econet Wireless CEO, Douglas Mboweni, confirmed that a scheme is being developed whereby people can also borrow money from EcoCash. He said the borrowing will be done through partner banks, including Steward Bank.
The CEO further said that lending was a natural next step, adding that the idea was to lend for uses such school fees, right up to housing loans.
He also confirmed that the number of bank accounts held by Steward Bank on behalf of EcoCashSave now surpassed those held by all the banks put together.
“We have more than 900,000 account holders, compared to 850,000 for all the banks,” he said.