EcoCash launches digital Bureau de Change

By Staff reporter | 24 Aug 2019 at 20:49hrs
EcoCash yesterday launched a digital mobile phone-based Bureau de Change, in a move set to provide much-needed convenience to the registered users.

In a first by a mobile money service provider, the EcoCash currency bureau service will allow customers to sell foreign currency in real time and instantly have the local currency converted and credited to their wallets.

The introduction of the digital Bureau de Change follows the granting of an operating licence to EcoCash by the Reserve Bank of Zimbabwe, immediately increasing access to specialised digital financial services to millions of Zimbabweans.

Speaking at the launch of the service in Harare yesterday, EcoCash CEO Natalie Jabangwe explained how the service would work.

"Before performing a currency conversion transaction, one needs to fund their EcoCash wallet," she said, adding that a wallet could be funded in a number of ways.

"You fund your wallet by doing a Cash-In of physical US dollars (or forex) into the wallet. Or you fund your wallet over the counter, at any Econet Shop. You can also fund your wallet through a direct in-wallet receipt of remittances from the Diaspora into your EcoCash wallet...

"Customers will be able to check the rate of the day, get a quote for the amount to be sold and receive instant ‘confirmation of sale' of foreign currency and the ZW$ conversion amount - all this happening via their mobile phone," Jabangwe said.

Cassava Smartech CEO Eddie Chibi, the parent company of EcoCash, said: "We are excited to be the first and only mobile financial service provider in Africa to offer this innovative service to our customers, empowering them with a simple, convenient, fast and real-time Bureau de Change service that they can access and use to transact anywhere, anytime."

He said the service will help customers access competitive exchange rates quickly, convert or change their money in real-time, and transact on a secure platform that they have come to trust.



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