Fintech : Econet leo and Cassava Smartech launch "Umukopo wa EcoCash" in partnership with FINBANK
Econet leo in partnership with Cassava Smartech and Finbank has launched “Umukopo wa EcoCash”, a small loan credit system via its EcoCash electronic payment system. The announcement was made this Tuesday, April 2, 2019 during a ceremony in the presence Nepias NJARAVAZA , Econet leo CEO, Joe Dassin RUKUNDO , FinBank CEO , Wood GITOBU Cassava Smartech CEO, the media and agents of the 3 companies.
Nepias Njaravaza, CEO of Econet leo insisted on the innovative nature of this new service, emphasizing that this is part of the company’s desire to participate effectively in the development of Burundi. Joe Dassin Rukundo, Chief Executive Officer of Finbank, welcomed Cassava Smartech’s initiative, adding that this is a significant step in the financial inclusion effort provided by these 3 partner companies.
It’s one of the World Bank projects meant to assist vulnerable citizen located in 4 provinces of the country: Gitega; Ruyigi; Karusi and Kirundo.
Merankabandi project is in Partnership with Ecocash so as to proceed with payment via Ecocash portal by availing the Electronic amount (E-value). To support their agency network to get back the equivalent amount necessary for payment in cash; Ecocash approached Finbank for a partnership to organize; supervise and financially support Ecocash agents.
- In the mid of each month, Merankabandi establish a payment plan per province per day and communicate to all concerned. The total amount being deposited in their account in Finbank;
- Therefore the amount is sent to Ecocash who will then proceed to transfer to concerned citizen;
- Ecocash super-agent/agent proceeds to the payment every 2nd of the month as per Merankabandi plan by receiving e-value from each of the citizen on site and providing equivalent in cash;
- At the end of the day, the Ecocash agent approach Finbank outlet to get the equivalent amount in cash.