Econet Life, a subsidiary of the EcoCash Holdings Group, has launched a pension and provident funds administration business to provide wealth management solutions to a wide range of customers, including corporate organizations and other previously excluded individuals and groups.
Econet Life’s Chief Life and Principal Officer Mr Godwin Mashiri said the introduction of a fund administration unit is a testament of the company’s commitment improving the financial wellbeing of employees, micro finance institutions, small to medium enterprises and individuals using digital technologies.
“We are launching a business with key competencies and expertise in Group Life Assurance, Loan Protection and Pension Administration,” he said at the launch in Harare at the weekend.
“We see funds playing an increasing role in private wealth management and know the Zimbabwean funds market to be a growth market, so we are delighted to extend this service to a new client base in line with our growth strategy for the group.”
Mr Mashiri said Econet Life will soon be introducing a first-of-its-kind products in the pensions sector in an effort to ensure that the company achieves an improved quality of life for all Zimbabweans.
The business, which already has several companies on its group – including life assurance books – offers packages such as cover to employees who get disabled, a lump-sum in the event of death and education protection benefits for the surviving children up to Tertiary level.
EcoCash Holdings Chief Commercial Officer Mr Gilbert Tsongorera said the new unit will transform the country’s funds administration market.
“Our digital solutions and technologies will revolutionise the way funds have always been administered in Zimbabwe. We are also offering solutions to financial institutions that are in the business of lending. We will be helping address challenges confronting pensions by ensuring that every single person has access to flexible and inclusive pensions schemes”.
The Econet Life Fund business will also extend other financial wellness related services to SMEs and smaller groups, such as retirement counselling, retirement planning and personal risk management services to complement its offering to the market to help raise awareness on financial literacy.
Econet Life already offers very competitive group products for corporates, universities, churches, and other large institutions.
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