By Ventures Africa
Telecom operator Econet has disclosed an “early” 2014 plan to launch EcoCashCredit, a mobile money service through which the company will give out loans to its EcoCashSave account holders.
Econet Wireless CEO, Douglas Mboweni, confirmed the report adding that the borrowing from customers will be done through partner banks, including Steward Bank.
He said lending was a natural next step and that the plan was to lend for uses such school fees, right up to housing loans.
He stated 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.