Boston, August 28, 2019 – As with many developing countries, Zimbabwe is a traditionally cash-based economy, and only 38% of Zimbabwean adults use traditional banking services. Econet Wireless, the largest mobile network operator in the country, saw an opportunity to develop a mobile payments network that could transcend the existing banking system and provide a noncash payment platform to every mobile-enabled individual in the country. EcoCash was launched in 2011 and today serves 90% of the adult population of Zimbabwe with an extensive suite of payment- and banking-related services.

Aite Group’s Impact Innovation Awards are designed to recognize and celebrate innovation achieved by organizations that leverage technology to surpass the status quo. Award recipients are leading the industry by identifying and implementing new products, capabilities, and/or levels of automation and effectiveness that are bringing our industry one step closer to the next generation of financial services offerings. Other reports in this series feature Aite Group’s Impact Innovation Award in Digital Wallets for customer experience, merchant experience, product design, and value-added services.

Clients of Aite Group’s Retail Banking & Payments service can download this 10-page Impact Brief. To learn more about the topic covered in this Impact Brief, please contact us at [email protected].