RBZ grants NetOne bureau de change licence

By Staff reporter | 18 Sep 2019 at 12:21hrs
THE Reserve Bank of Zimbabwe (RBZ) has granted NetOne a licence to operate a bureau de change as a way of increasing the number of participants in the interbank foreign currency market, other than banking institutions.

This comes as the bureaux de change phenomenon is the fastest growing sector in the African financial services industry in terms of the number of institutions that have developed over the last 10 years.

Following the introduction of the Zimbabwean dollar as the country's sole currency for legal tender on June 24, the central bank has issued over 50  bureau de change licences to reduce risks associated with exchanging foreign currency on the informal market.

NetOne noted that customers selling their foreign currency have three options within which they can receive funds; namely cash, OneMoney as well as ZIPIT to bank accounts of their choice.

In addition, OneMoney offers a Zimswitch enabled debit card which allows customers to swipe at any point of sale machine nationwide.

Corporates and other bulk payers can also enjoy the convenience of OneMoney through its OnePay offering the disbursement of salaries which allows for social security, grants and other bulk payments to multiple wallets instantly and at highly competitive transactional fees.



WhatsApp Newsletter

Follow us

Latest Headlines