Despite the advent of new financial technology (fintech) players in Zimbabwe’s digital payments space, market watchers say EcoCash remains the market leader in size, transaction volume and the number of services it offers.
The country’s fintech sector has seen a significant increase in new players such as Omari, Innbucks, Mojo Mula and Mukuru in the mobile money business, which had previously been made up of EcoCash, NetOne’s OneMoney and Telecel’s TeleCash.
However, EcoCash — owned by Econet Wireless Zimbabwe — remains the market leader because of its extensive service portfolio, its established presence, owing to its early market entry in 2011, and its deep integration into the socio and economic lives of Zimbabweans.
EcoCash’s competitive edge lies in its broad range of use cases, which extend beyond basic mobile money services. These include peer-to-peer and bulk payments, cash-in and cash-out services, EcoCash Mastercard for online and international transactions, bill payments (Zesa, DSTV, municipal services), merchant payments, school fee payments, Junior Wallet for minors, Bureau de Change services, diaspora remittances, and NSSA pension payments.
Economic analyst Ethel Takaendesa attributes EcoCash’s continued dominance to its first-mover advantage and ability to innovate.
“EcoCash pioneered the mobile money revolution in Zimbabwe and remains ahead of the pack due to continuous innovation and a deep understanding of local market needs. Its ecosystem is vast, covering everything from diaspora remittances to everyday merchant payments,” he said.
Takaendesa said new entrants, such as Mukuru, offer limited services and do not provide additional functionalities like Zesa token purchases, school payments, church paymentsand the Junior Wallet — a feature offered by EcoCash, that allows parents to set up and manage mobile wallets for their children.
When compared to Innbucks, he said EcoCash provides key differentiators such as multi-recipient money transfer (send money to many feature), DSTV payments, and Bureau de Change services.
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In contrast to Old Mutual’s Omari, which has gained traction in digital payments, EcoCash still maintains a significant lead, offering additional functionalities such as diaspora remittances, church payments, and foreign currency exchange services.
According to the latest reports from the Reserve Bank of Zimbabwe, EcoCash accounts for more than 70% of all national payment transactions — encompassing both mobile platforms and traditional banking services. Additionally, industry data indicates that EcoCash holds over 86% of the country’s share of the mobile money market.
Financial expert Ngoni Dzirutwe said EcoCash’s continued leadership is a result of its scale and adaptability.
“EcoCash’s vast network, reliability and integration with banks and merchants make it difficult for new players to overtake it. Trust plays a big role in financial services, and EcoCash has built that trust over the years,” Dzirutwe noted.
Although EcoCash continues to lead the market, competition in the country’s fintech space is evidently growing, with players such as Mukuru and Innbucks aggressively expanding their services.
As global fintech adoption grows — especially in Africa — and new players enter the market, EcoCash’s ability to maintain its market leadership will be tested. Its foundation of a strong brand and a broad suite of serviceswill no doubt buy it time, according to experts.
But in the long run, whether or not the company remains on top of an evolving digital payments landscape will depend on its ability to use technology to sustain innovation, and its ability adapt to customer needs, analysts say.
