ECOCASH Holdings Zimbabwe (EcoCash) says product innovation provided a solid base for the firm to provide relevant digital solutions that address consumer needs, raising the company’s revenue in the 2022 financial year.
For the period under review, EcoCash launched several exciting products and solutions that include the automation of merchant settlements, a self-care portal for EcoCash pin-reset, MARS laboratory tests for Covid-19, VAYA Services Fuel Monitoring, VAYA Smart Security, and improved KaShagi digital loans.
In its 2022 annual report, EcoCash chairperson Sherree Shereni said in a bid to drive the digital banking model, Steward Bank successfully deployed a new core banking system with enhanced features.
“Leveraging on the upgrade, our square banking app was also upgraded as well as the online banking offer. The bank also complied with the minimum capital requirement set by the regulator within the set timeline of December 31, 2021.
“Our drive towards a superior customer experience and service culture saw us continuously invest in products and services designed to bring convenience, especially during the Covid-19 lockdowns and restrictions. Following these initiatives, our call centres saw a reduction in call-in traffic by over 90 percent,” she said.
For the 2022 financial year, EcoCash chief executive Eddie Chibi said following a raft of innovations, Ecocash customers can now interact with products and services.
“In the past year, we made significant inroads in improving our customer experience and service culture. We launched our EcoCash *150# self-service platform which has given customers the power to resolve several traffic driving issues such as pin resets, transaction reversals and getting e-statements which normally came through call-in traffic.
“We also automated failed airtime, bundle and transaction reversals which were among our highest traffic drivers. Following these enhancements, we observed an over 90 percent reduction in call-in traffic.
“We launched the Claims Management System and Burial Societies Web selfcare service for the Insurtech business, which has allowed us to settle over 90 percent of claims within 24 hours compared to 70 percent prior to the deployment,” he said.
Chibi said the launch of Moovah Pay As You Drive product came as a first in the local motor insurance industry, where our customers pay premiums based on behavioural data, mileage and demographic metrics using telematics technology.
Despite the challenges in FY2022, EcoCash group’s revenue was at $29,9 billion, 26 percent above the financial year 2021 performance of $23,8 billion.
The Fintech businesses remained the largest contributor to revenue, at 80 percent for the period under review from 77 percent in the corresponding period last year. VAYA Technologies closed the year at a contribution of six percent.
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