EcoCash Launches Bureau De Change Service In Zimbabwe
Zimbabwe’s mobile financial services platform, EcoCash has rolled out a bureau de change service in Harare.
The exchange rate for the USD versus the Zimdollar on the EcoCash bureau de change opened at 1:10.8. The rate is in line with parallel market exchange rates.
The company announced that the platform would allow users to convert funds in their mobile wallet - Foreign Currency Account to Zim dollar.
The EcoCash platform has an option for a foreign currency account into which users can deposit funds from remittances as per partnerships established with the relevant money transfer companies or through the direct deposit of foreign currency into the mobile wallets.
Responding to enquiries from users as to whether it would be possible to purchase forex from the bureau de change, the company said that the service would allow wallet holders to convert funds from the USD to the Zim dollar.
In June Zimbabwe banned the use of foreign currencies for payment of transactions.
Natalie Jabangwe, the Chief Executive Officer for EcoCash, said that this latest development is a game-changer. She explained that EcoCash had come up with a mobile-wallet-centric bureau de change that was offering real-time bureau de change on the user’s cellphone.
The Reserve Bank of Zimbabwe said that it supports innovation within the bureau de change financial services industry.
Obvious Runesu, the Deputy Director for Exchange Control at Zimbabwe’s Central Bank, said that 46 bureau de change outlets had been licensed in line with the efforts to strengthen the interbank market which is currently working on a floated exchange rate basis.
Runesu added that the bureau de change market would continue being innovative in order to allow freely-flowing cash from the diaspora.