Econet Wireless Zimbabwe has launched a new EcoCash wallet called Ecocash Rand Wallet. This is a wallet that allows customers to cash in, cash out, send money and conduct other basic financial transactions using the South African Rands.
According to the General Manager of Ecocash, Natalie Jabangwe-Morris, the need for this product arose from the fact that there is a shortage of the US Dollar which is the dominant currency in Zimbabwe. Since Zimbabwe has a multi currency system and South Africa is the largest trading partner, Econet Wireless decided to create a wallet solution for its customers in Rands, the South African currency.
The EcoCash Rand Wallet fulfills the Zimbabwean Central bank’s drive for a multi currency economy, increases liquidity and stimulates agent and merchant businesses. It also creates flexibility of customer choice in this multi-currency system.
The Rand Wallet is a separate wallet from the US Dollar wallet. Currently, you are able to perform the following transactions using the Rand Wallet:
- Cash in
- Cash out
- Send Money
- Wallet services (Balance enquiry, mini- statement)
- Merchant, Bill Payments & Payroll & Bulk Payer
Mrs Jabangwe-Morris also stated that in Phase 2, which is coming soon, customers will be able to carry out the following transactions:
- Banking Services
- Card Services
- Online Bills ( DStv , ZESA )
For customers to use the EcoCash rand Wallet, all they have to do is
- Dial *151# and enter EcoCash PIN
- Go to Wallet Services
- Go to Multi-Currency
- Go to Change currency to: Select Option Rand Wallet
Please note that when you perform “Cash in” in Rands, you cannot cash out in US Dollars or vice versa. Also money cannot be transferred from one wallet to the other