FAQs

This is a paperless banking service offered through EcoCash:

• Enables you open and operate an EcoCash Save bank account through your mobile phone, through EcoCash, without having to visit any bank to fill out bank account opening forms.
• It provides you the ability to move money in and out of your EcoCash Save savings account to your EcoCash account at no charge.
• It gives you an opportunity to save as little as $1 and earn interest on your saving balance. This cash is moved into the savings account using your handset via the EcoCash Menu.

To get an EcoCash Save account, you need to be a registered EcoCash customer.

• Go to EcoCash Menu.
• Select EcoCash Save.
• A message will appear requesting you to read and accept the Terms & Conditions (Available at all EcoCash Agent Outlets, www.stewardbank.co.zw & www.econet.co.zw)
• After accepting the terms; an SMS will be sent informing you that you are now activated on the EcoCash Save service.

No. Your EcoCash PIN is the same PIN that you will use for your EcoCash Save account. Always remember YOUR PIN IS YOUR SECRET.

On the customer's ECOCASH menu:-

• Select EcoCash Save
• Select Check balance
• Select EcoCash Save

• There are no ledger fees, no limit on the frequency of withdrawals, No minimum operating balance and no charge on deposits (EcoCash to EcoCash Save Account).
• The standard EcoCash limits apply; however you can deposit as low as US$ 1 in your EcoCash Save savings account.

The minimum amount that you can keep in your account is $ 0 (zero) balance.

You cannot move money from your EcoCash Save account directly into another person's EcoCash Save account. However, you can transfer money from your EcoCash wallet into their EcoCash wallet.

No. Your account is only accessible through your mobile phone via the EcoCash menu on your Econet line.

The following limits apply:

• Minimum deposit - $1
• Minimum withdrawal - $2
• Minimum EcoCash Save balance - $0
• Maximum deposit per transaction - $500
• Maximum withdrawal per transaction - $500
• Total transaction amount per day - $1,000

No. You can only transfer money from your EcoCash Save account into your EcoCash wallet. You can only transfer from your EcoCash wallet to your bank account if you are registered for the banking services

Currently, you can get 3 recently completed transactions through your mini statement. You can also request printout statements from all Econet service centers and Steward Bank branch.

1. To Deposit to EcoCash Save Account
   o Go to your EcoCash menu and select 'EcoCash Save.
   o Select 'Transfer to savings'
   o Enter amount
   o Select bank account which is EcoCash Save and confirm
   o You will receive a confirmation message as follows:
   Your wallet to bank account (0774222625) transfer of USD 5.00 was successful. Transaction ID: WB1380827.1422.C00009. Your new wallet balance: USD 1000.00
2. To withdraw from EcoCash Save Account
   o Go to your EcoCash menu and select 'EcoCash Save
   o Select "Withdraw from savings"
   o Enter amount
   o Select bank account which is EcoCash Save and confirm
   o You will receive a confirmation message as follows:
   Your bank account (0774222625) to wallet transfer of USD 5.00 was successful. Transaction ID: BW1380827.1422.C00009. Your new wallet balance: USD 995.00

You can move a minimum of $ 1 from your EcoCash Save account into your EcoCash account.

You can send money to bank as savings as many times as possible at NO charge.

The minimum amount you can deposit is $1 (one dollar).

You can withdraw as many times as you like at NO charge.

You will be able to transact on your EcoCash and EcoCash Save account wherever you can roam.

Your money is safe because your EcoCash Save account is protected by your EcoCash PIN. Replace your SIM card at any of our Econet Service Centers. Once you activate your EcoCash menu, using your current EcoCash you will be able to access your EcoCash Save account.

You do not need to opt-in again, the system will automatically update your EcoCash Save account and all the money in your account will be reflected as soon as you reactivate your EcoCash account using your current EcoCash PIN.

You will be paid interest on your savings balance (Interest will be calculated daily but paid out at the end of each calendar month).

• EcoCash Save is a paperless (mobile centric), safe and fast service that allows you to save and borrow through your phone.
• EcoCash Save has competitive interest rates on savings
• Interest is calculated daily and paid out at the end of each calendar month.
• There are no ledger fees.
• There are no withdrawal charges in moving money between EcoCash Save account and EcoCash.

It is a facility that allows customers to apply for loans through their mobile phones.

Simply follow these steps:

1. Dial *151#
2. Select Option 6 EcoCash Save
3. Select Option 6 EcoCash Loans
4. Select Option 1 Request Loan
5. Enter Amount
6. Select Tenure
7. Enter 1 to confirm or Enter 2 to cancel

An SMS will be sent when your loan has been approved with your repayment due date.

You have to be a registered EcoCash user with an EcoCashSave account and you must save a minimum of $5 or more for 3months.

The minimum loan is $5 and the maximum loan is $500 A vetting criteria will be applied by Steward Bank on all applicants and an application will only be considered successful if you meet the vetting criteria

The vetting criteria is based on your activity on EcoCash Save, your EcoCash Usage and your Airtime Usage. The more you save on EcoCash Save from your EcoCash wallet the higher your chances of qualifying for higher amounts will be.

You will have to transfer funds equivalent to your approved loan amount from your EcoCash Save account to your normal EcoCash Wallet to access the funds. Once the funds are in your Ecocash Wallet you can do any other normal transactions on EcoCash i.e. Cash out, Send Money, Pay Bills, Pay Merchant and Buy Airtime.

The loan is repayable within 30 days

There is no interest rate on the loans during their tenure. However, you will be charged a 5% handling fee, which will be deducted automatically when your loan is approved by Steward Bank.

You will be charged a penalty fee of 8% on the outstanding amount.

Your loan lapses after 30 days, but once you repay the loan (even before the 30 days) , you will be eligible for another loan.

You will have 30 days to repay your loan from the day it is approved by Steward Bank

You can repay your loan by making a transfer to your EcoCash Save Account or by using the option “Repay loan”:

1. Dial *151#
2. Select Option 6 EcoCash Save
3. Select Option 6 EcoCash Loans
4. Select Option 2 Repay Loan

Transfer or Repayment can only be done if your EcoCash wallet is funded.

The approval process is instant. Once you successfully complete the application process, an SMS will be sent to you advising that your application was successful. The loan limit will be marked on your EcoCash Save account.

No security or collateral is required.

No, you can only apply and qualify for one loan at a time. Once you have paid off the loan, you are eligible to apply again for a new loan

You can re-apply after 30 days. It is important to note that the qualifying criteria is based on Airtime usage, Ecocash and EcoCashSave balances. Increasing your usage of these three things will improve your loan limit.

A minimum of 3 months.

Installments/part payments are encouraged, as long as they lead to full repayment of the loan by the due date.

Your loan is marked as a limit on your EcoCashSave account, hence, your account balance will be your credit balance. This means you will be able to overdraw your account to the marked limit.