Source: EcoCash now processing Rand transactions | The Financial Gazette December 8, 2016
ECONET Wireless Zimbabwe’s mobile money platform, EcoCash, on Thursday unveiled a Rand wallet which allows transactions in the South African currency only. The wallet will be separate from the USD wallet and customers will not be able to move money between the two wallets.
EcoCash general manager Natasha Morris Jabangwe said all the transactions on the platform will be conducted in rand and the service will be immediately available to all EcoCash registered customers without the need to re-register. “The EcoCash multi-currency wallet provides the same secure, state-of-the-art technology which enables our customers and partners to perform transactions in USD and ZAR instantly and automatically.” she said.
The wallet comes in two phases with the first phase of the rand wallet roll-out allowing customers to Cash-In and Cash out at any of the EcoCash Agents shops, send money, and make payments to merchants and billers as well as send remittances in ZAR from South Africa.
“Additional services such as banking services and card transactions will be gradually added on to the rand wallet system. EcoCash rand wallet allows remittances of rand directly from South Africa into the Zimbabwe. The platform allows the payment of bills using rand, transacting for Zesa and other uses,” she said.
Jabangwe said EcoCash was aiming at making the service to becoming a global wallet as well as pan African. Ecocash has over 27 000 agents across the country and over 6 million customers, she said.
Reserve Bank of Zimbabwe deputy director National Payments Systems, Josphat Mutepfa welcomed the development as augmenting and enhancing the multi-currency regime. Mutepfa said the initiative facilitated the effectiveness of payment systems in the economy.
“Payment systems are a vital cog and life blood of the economy,” he said. In terms of service charges, it will cost between R1.78 and R44.85 to send amounts ranging from a minimum of R15 to a maximum of R7 500 for registered users.
Unregistered users will fork out more as it will cost them between R1.78 and R118.85 for the same amount of money. While withdrawals of up to R30 are free of charge, users will be charged R2.99 to R74 to cash out amounts of more than R30 up to R7 500.
Econet Wireless chief executive officer Douglas Mboweni said: “Today we witness another chapter of innovation as we continuously explore new ways to make a positive and meaningful impact to our customers’ lives. The introduction of a multi-currency wallet is another step towards meeting the country’s vision of becoming a cashless society and of easing liquidity in a multi-currency regime. We are also striving to offer our customers a robust service which combines ease of use, high-levels of security, accessibility and more importantly choice. We can never thank enough our customers, agents, merchants and the regulatory authorities for their continued support on this journey”.