Taming the jungle of banking

Taming the jungle of banking

Econet Wireless Zimbabwe through its subsidiary Ecocash has launched a new product on offering what they call EcoCashLoans, where one can apply and get a loan of maximum $100 using ones’ mobile phone. The mind boggling question is whether this is just a banking disruption or a big leap in the dark from this conglomerate. From a technological perspective the biggest worry is whether there  is enough cyber security to curb unsuspecting cell phone owners from being duped. What guarantee does the “kaShagi’ pioneers have that the users will not apply enmass, get the dough and ditch the loan provider? Time will tell the success or failure of this banking innovation.

Below is an extract from Steward Bank (kalife ke purple) on how this work.


EcoCash Loans

EcoCash Loans are an emergency micro-credit service offered by Steward Bank, which are accessed through your mobile phone using your EcoCashSave account.
EcoCashSave account holders will be eligible to apply for these loans which are set to provide relief to both individual customers.

To qualify for EcoCash Loans, a customer must have a registered EcoCashSave account, where you have been actively saving for no less than 3 months. No interest would be charged on EcoCash Loans, and no security is required.

A nominal handling fee of 5% will be charged on each loan amount that is approved and credited to customers. All customers will be put through a pre-vetting system that is strictly aligned to prudential lending requirement, with the approval process instant.

The tenure of the EcoCash Loans is 30-days, with customers being able to borrow anywhere from $5 up to $300. Any late payments will incur a penalty fee of 8%

A customer is able to check how much they qualify for before applying for the loan.

  • Dial *151*
  • Select menu section 6
  • Select option 3 (check loan limit)



Application and administration is done entirely on the mobile device.
To apply for the loan:

  • Dial *151# and enter PIN
  • Select option 6 (EcoCash Loans) from the menu provided
  • Select option 1 (Request Loan) from the menu provided
  • Enter Amount
  • Select tenure – 1 month
  • Confirm application


On approval, you will receive an SMS

Once approved the funds are available in the EcoCashSave Account.

To utilise the loan, you must move the funds to your EcoCash wallet.

The 5% handling fee is not refundable if you do not utilise the loan.



  • Dial *151# and enter PIN
  • Select option 6 (EcoCash Loans) from the menu provided
  • Select option 2 (Repay Loan) from the menu provided
  • Enter Amount
  • Select Bank Account – EcoCashSave Account
  • Confirm payment transfer

The full loan amount is due within 30 days. Customers can make partial payments adding up to full amount over 30 days.