Econet Wireless Zimbabwe on Wednesday launched a debit card that it collaborated with MasterCard two weeks after their rivals Telecel had announced the arrival of its own similar card.

EcoCash, Econet’s Mobile Money service, announced the landmark agreement with MasterCard that will significantly assist in reducing cash dependence and increase financial inclusion through the provision of electronic payments in Zimbabwe.

Chief Executive Officer of Econet Wireless Zimbabwe Douglas Mboweni said the introduction of electronic card will go a long way in financial circulation in the country.

“The adoption of electronic payments is critical to Zimbabwe’s economic development. Reducing dependency on cash while increasing financial inclusion benefits the whole country including the government, industry sectors like tourism and retail, merchants and citizens,” says, CEO of Econet.

EcoCash customers will now be able make use of their EcoCash funds in ways previously closed to them.

Mboweni said obtaining an EcoCash MasterCard debit card, customers will be able to withdraw money from MasterCard-licensed ATMs and pay for goods and services at millions of merchants that accept MasterCard payment cards, both in Zimbabwe and internationally.

EcoCash Chief Executive Officer Cuthbert Tembedza added that integration of these products and services are particularly exciting for EcoCash customers.

“We look forward to offering Zimbabweans even more ways to benefit from the security and convenience of electronic payments as they engage with, and contribute to, the formal economy,” he said.

Southern Africa MasterCard Vice President and Area Business Head Charlton Goredema, commended Econet for this initiative.

“The EcoCash MasterCard debit card is a milestone towards realising MasterCard’s vision of a cashless society.

“Demonstrating the value of close collaboration in the financial services and payments technology industries, EcoCash and MasterCard have devised an innovative payment product that addresses Zimbabwe’s market realities, particularly by acknowledging the impact mobile money has on the country’s economy,” he said.

He added “As EcoCash enables its customers to benefit from MasterCard’s global payments network; we are assisting Zimbabwe to integrate its economy with that elsewhere in the world. Importantly, we are also contributing to the financial freedom of individuals.”

The collaboration will result in more than three million MasterCard debit cards being issued to mobile money provider EcoCash’s customers in the next five years. This is the first time that physical MasterCard debit cards are available to people using mobile money services in Africa, and is the largest rollout of secure EMV Chip and PIN payment cards in Zimbabwe to date.