Mahindra Comviva, Econet emerge as most innovative fintech companies at AfricaCom

Mahindra Comviva and Econet Wireless jointly won the AfricaComAward in the “Fintech Innovation Award” category.

The award was given for EcoCash Diaspora services. EcoCash, is managed by Cassava Fintech (Cassava) on behalf of Econet Wireless Operations. The award was presented on November 8th at the Cape Town International Convention Center, South Africa. This isMahindra Comviva’s second consecutive AfricaCom Award and third in the past five years.

Manoranjan Mohapatra, Chief Executive Officer, Mahindra Comviva, said, “We are very excited to win at this year’s AfricaCom Awards in the “Fintech Innovation” category. We are in a period of profound transformation, where the very nature of money is changing with every technology leap. We are glad that we are playing a part in this transformation, which is providing peace and convenience to so many millions of Zimbabweans through safe and secure remittance services, anytime and anywhere.”

The Zimbabwean diaspora sends billions of dollars in remittances every year. Sending money through formal channels remains expensive for most Zimbabwean migrants abroad, leading to a parallel industry of sending remittances through informal channels such as acquaintances and bus drivers. However, relying upon informal remittance channels is risky as well as time consuming.

Darlington Mandivenga, Group CEO, Cassava Fintech, said “As a pan-African business with roots on the continent, we focus on addressing real African challenges by driving financial inclusion and providing digital financial power to millions of people – basically the “unsung heroes” who strive everyday for a living, and whose daily jobs, though characterized by “meager earnings”, are responsible for sustaining entire families. Many of these still live on less than a few dollars a day, and unfortunately remain financially excluded. International remittances therefore provide an important source of livelihoods for millions of these people”.

To overcome these challenges, EcoCash Diaspora service was launched, to provide quick, secure, cost-effective and convenient way for Zimbabweans to remit money. Through partnerships structured and managed by Cassava, Econet Wireless has partnered with multiple money transfer operators and mobile money providers enabling Zimbabweans in over 200 countries and territories to send money directly to EcoCash customers in Zimbabwe. The remittance is received in EcoCash mobile wallet of consumers in Zimbabwe. This money can be cashed-out at any of the 30,000 EcoCash agents or used for P2P payments, merchant and bill payments, furthering Zimbabwe’s cashless society initiative.

“Through our intimate understanding of the different customer needs, our tailored solutions are designed to be relevant, convenient and above all impactful – while we humbly receive this award, our deepest satisfaction and the biggest award for us comes from seeing the impact we are having in the lives of millions of ordinary people across the continent, by providing financial solutions that change lives forever,” Darlington further added.