Best Mobile Innovation for Women in Emerging Markets

Cassava Fintech (Econet Wireless Zimbabwe) & Mahindra Comviva for EcoCash Savings Club

The judges said – “Increases access to savings and financial security for women. Innovative, with a clear business strategy, commercial viability, sustainability and thoughtful implementation.”

Across the world, women with small-savings save and borrow through informal savings group. In Zimbabwe, these savings groups are locally called ‘mukando’ or ‘maround’.  While the practice is widespread, informal savings groups face multiple challenges related to cash-handling, security, transparency, record keeping and zero interest. To overcome these challenges, EcoCash, Zimbabwe’s largest mobile money service launched country’s first digital Savings Club ‘EcoCash Savings Club’ in May 2015. It provides inclusive, secure, transparent, rewarding and convenient way for women to pool funds using mobile money (EcoCash) and use it for emergencies.  EcoCash Savings Club is powered by Mahindra Comviva’s mobiquity Money. 

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