EcoCash to offer lending

EcoCashSave account holders will soon be able to also borrow money just like ordinary bank account holders. This is part of what will be called EcoCashCredit that Econet is planning to roll out early in the new year.

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.

He said lending was a natural next step, adding that the plan was to lend for uses such school fees, right up to housing loans. He said more details would be released in the new year.

Meanwhile, Mr Mboweni 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.

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