• EcoCash  reports an 80% increase in revenue for the quarter ending 30 November 2024
  • The official devaluation of the gold-backed local currency, ZiG, resulted in a 43% loss in value on ZiG balances held by the Bank
  • Introduction of a new Omni Channel platform enhances customer experience by integrating essential banking services

Harare-EcoCash Holdings has reported an 80% increase in revenue for the quarter ended 30 November 2024 from a decline of ZWG 5 billion in the six months ended 31 August 2024 due to improved operational efficiencies achieved by leveraging technology.

This  growth comes despite the official devaluation of the gold-backed local currency, ZiG, which fell from 13.9 ZiG per US Dollar to 24.4 ZiG per US Dollar on 27 September 2024, resulting in a 43% loss in value on ZiG balances held by the Bank.

‘’ A key development during the quarter was the official devaluation of the gold-backed local currency, ZiG, from 13.9 ZiG per US Dollar to 24.4 ZiG per US Dollar on 27 September 2024’’, the group said.

In response to these challenges, the Bank has been proactive in pursuing strategies to mitigate capital erosion and enhance operational efficiencies through the introduction on the Omni Channel platform.

The company said the platform is designed to enhance customer experience while ensuring security.

It integrates essential banking services, including account and card management, bill payments, and fund transfers, providing a seamless banking experience for customers.

The Bank also launched the ZIPIT Fund Transfers service, allowing customers to transfer funds from any Foreign Currency Account or Mobile Wallet directly to their Steward Bank VISA card.

Looking ahead, EcoCash Holdings is committed to identifying and developing opportunities that align with its mission of providing convenient digital solutions.

 ‘’ The Organisation will continue to adapt to the changes in the operating environment and implement strategies to create shareholder value and maximize returns’’.

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