EcoCash Launches a new wallet for SMEs, informal sector traders
For the past few years, EcoCash has been introducing new wallets to cope with the times and market demands from introducing USD wallets, merchants, diaspora wallets to even virtual cards. Now EcoCash has launched a special wallet designed specifically for small and medium businesses, vendors, and service providers that in reality account for over 60% of the country’s economy. Dubbed EcoCash Plus, the company said the new product addresses the day-to-day operational needs of micro, small and medium-sized enterprises (MSMEs), by enabling them to transact, pay bills, manage payroll, and access business records, all through their mobile phones. This surely is a good move to help small businesses navigate the complexities of operating in an unstable economy. Let’s delve deep.
In every country, all the bug corporations are powered by small enterprises for example we all know Apple as a giant on the tech scene but have you ever taken a minute to think where all those small components in their gadgets comes from?, yeah small players manufacture those so it’s clear that they play a huge role in Apple’s success.
“Small businesses are not just surviving – they’re driving our economy. EcoCash Plus is set to make their everyday hustle easier, safer and more connected to opportunities,” EcoCash said in a statement.
Zimbabwe’s informal economy contributes more than 60% of the national GDP, yet many entrepreneurs and traders operate outside the formal financial system, relying heavily on cash. This limits their growth potential and exposes them to risks such as theft, lack of access to credit and exclusion from broader economic opportunities.
So this is where EcoCash Plus comes in to solve this difference and challenges being faced by these small businesses. While there is not much detail about how far it would help the small businesses it surely is something than doing nothing while the smaller players drown yet these could be the most innovative and could be what we are exactly looking for.
“With this wallet, business owners can receive payments from customers and suppliers, buy ZESA tokens, airtime, and pay council bills, pay suppliers, send money to employees and track transactions with digital statements,” the statement said. It added that EcoCash Plus will provide a platform for SMEs to trade with big corporates, where they can order stock using EcoCash plus.
The platform targets a broad spectrum of businesses — including tuckshops, boutiques, small grocery stores, hardware outlets, agro-dealers, motor spares dealers, electronics shops, and craft vendors. It also supports service providers such as salons, tailors, artisans, cleaners, repair technicians, laundry operators, print shops, and photographers, among others, with financial analysts welcoming the product, saying it’s potential to open doors for informal traders are enormous.
“The challenge in the informal sector isn’t a lack of business activity – it’s a lack of data,” said a Harare-based economist. “EcoCash Plus creates a financial trail that builds credibility and unlocks future access to capital.”
With national development strategies increasingly focused on formalising the informal sector and extending financial services to underserved communities, EcoCash Plus comes at a critical moment.
“We’re offering a wallet and building infrastructure for long-term growth, trust, and financial inclusion,” said EcoCash.
So how do you register for EcoCash Plus?Registering for EcoCash Plus will be easy and straightforward. You simply send a message to WhatsApp Number 0777 222 152, and follow the prompts guiding them through a brief registration process.
Required documentation includes a valid national ID, proof of residence and a trading license, among other relevant supporting documents then you are all set.
This is a step in the right direction to ensure that small businesses survive in this economy where it’s difficult to have a sustainable business.
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