EcoCash introduces new features in major system upgrade

Sasai Econet Financial Services (SEFS) has unveiled the latest developments in its flagship mobile money platform, EcoCash.

The General Manager of SEFS, Moeketsi Mafereka, highlighted the company’s ongoing evaluation of EcoCash’s progress since transitioning to a new system in October last year. He described the shift as a major milestone in improving operational efficiency and enhancing customer experience.

“The new system has enabled SEFS to offer more innovative financial solutions and greater accessibility,” said Mafereka this week.

“As the Econet group continues its digital journey, we remain committed to leveraging technology to meet the evolving needs of our customers and to drive sustainable growth in the financial services sector,” he noted.

According to Mafereka, the transition marked one of the most significant upgrades in EcoCash’s history. While the migration initially posed challenges and caused inconveniences for some users, he confirmed that the system has now stabilised.

The upgrade was essential to boosting the platform’s functionality – offering faster transaction speeds, improved security protocols, and a wider range of services.

SEFS is now focused on resolving any remaining issues and ensuring a seamless user experience while building stronger relationships with stakeholders, he said.

Mafereka also revealed several innovative features introduced through the upgrade. Among them is the ‘Mokhatlo’ feature, which allows group members to pay contributions directly into Mokhatlo (community group) accounts, track transactions in real time, and reduce delays and risks associated with manual collections.

Additionally, SEFS has enhanced payroll services for businesses and employers. Companies can now process salaries via EcoCash, manage employee payments from their business accounts, and streamline operations while cutting down on paperwork.

“These improvements not only save time but also enhance transparency and security in salary payments,” Mafereka explained. “We’ve implemented robust fraud detection and stronger authentication measures to better protect every EcoCash wallet.”

SEFS has also launched a self-service portal for business clients, enabling them to view and download financial reports, initiate payments, and manage multiple accounts in real time.

In closing, Mafereka expressed excitement about an upcoming feature: Interest Payouts. This will allow eligible users to receive interest directly into their EcoCash wallets.

“Customers have long awaited this feature, and we’re proud to be delivering on that promise,” he added.