List of Banks you can link your EcoCash with, how to do it, and the other half still resisting intergration

30 September 2016

With the current cash crisis still looming over Zimbabwe, most people are turning to EcoCash as their only hope of getting some much needed hard currency. However, most money is still being held up in bank accounts, which presents a bit of an issue when you need hard currency.

The only way to maintain your bank account and enjoy the EcoCash convenience is by linking the two together. But not all banks have warmed up to that idea. So, here is a list of banks you can link your EcoCash account with:

  • CBZ
  • Stanbic
  • Steward Bank
  • NMB
  • BancABC
  • ZB Bank
  • Agribank

Interesting that there is a 50/50 split between banks integrated with EcoCash and banks resisting or completely refusing to link to/with Ecocash, these include:

  • Barclays
  • EcoBank
  • FBC
  • MBCA
  • MetBank
  • POSB
  • Standard Chartered Zimbabwe

According to Econet, you need to follow the following steps to get your account linked:

1. Visit your bank to complete & sign an Indemnity Form with the following information:

  • Full Name and surname
  • National ID
  • Mobile Number
  • Bank account number

2. Your information will have to be verified first before your registration can be complete.

3. A confirmation message will be sent to you once the registration has been completed successfully

Most payments, wages, and salaries are now being paid via bank-to-bank transfers or “swiping”, but that does not assure you of actually getting hold of cash. With 6 million subscribers, 26k agents and 20k merchants countrywide, Eco Cash seems to offer the most promising cash guarantee in the banking ecosystem right now, even if it means waiting for your local agent to get a cash in.

Interesting that there are still some banks resisting linking with/to the EcoCash system. CABS for example, with its Textacash system, has little or no intention of linking with EcoCash, a sentiment they have held since 2013. But with the ongoing cash crisis and the long queue now seen at every single CABS branch, it might be time for a change of thinking, at least to ease pressure on themselves and give customers some cash relief.

- Techzim