Staff Writer 
Elton Manguwo
Staff writer
ECOCASH Holdings Zimbabwe (Ecocash) says the sudden devaluation of the Zimbabwe Gold- —ZiG currency by the Reserve Bank of Zimbabwe last year severely eroded its local currency holdings by up to 43 percent in real terms.
The authorities — on September 28, 2024 devalued the ZiG by 42,6 percent in an attempt to keep pace with the runaway parallel market rate.
The development marked the first official adjustment since the introduction of the new currency on April 5 last year. The move, at the time, received widespread condemnation by players in the financial sector who warned of massive capital erosion in the economy.
“A key development during the quarter was the official devaluation of the gold-backed local currency, ZiG, from ZiG13,9 per US Dollar to ZiG24,4 per US Dollar on 27 September 2024. This development resulted in a 43 percent loss of value on ZiG balances held by the Bank,” group secretary Charmaine Daniels said in a trading update for the third quarter ended November 30, 2024.
However, the group which operates Steward Bank said it has since pursued “strategies to avoid capital erosion.” The group continues to leverage technology to drive business, enhance customer experience and solidify its position in the competitive financial landscape.
It launched a cutting-edge omni-channel platform, designed to provide a seamless and integrated digital experience for customers.
“This innovative platform unifies various communication and transaction channels, ensuring that users can engage with the bank securely and efficiently, whether they are using mobile apps, websites, or in-person services,” she said.
With a strong emphasis on enhancing customer experience, the omni- channel platform simplifies interactions and prioritises security, protecting sensitive information and transactions.
“By leveraging state-of-the-art technology, the bank aims to meet the diverse needs of its clientele, fostering greater convenience and trust in its services,” said Daniels underlining that the platform integrates essential banking services, including account and card management, bill payments and fund transfers.
During the period under review the company also introduced a new ZIPIT fund transfers service, designed to provide customers with a fast and efficient way to send and receive money. This service allows users to make real-time fund transfers between different bank accounts, enhancing the convenience of managing finances.
“With a focus on user-friendly functionality, the ZIPIT service enables customers to initiate transfers quickly through various channels, transferring funds from any foreign currency account or mobile wallet directly to their steward bank VISA card using the ZIPIT platform,” said Daniels.
The fintech company further enhanced its service offerings with the implementation of card-less withdrawals and deposits through its intelligent ATMs, thereby affording customers heightened convenience and flexibility in conducting transactions.
newsdesk@fingaz.co.zw
