Econet introduces EcoCash Rand to ease cash crisis in Zimbabwe

Econet introduces EcoCash Rand to ease cash crisis in Zimbabwe

Zimbabwe’s largest mobile network operator Econet has introduced a new mobile money service called EcoCash Rand. The service is identical but separate from the company’s USD/Bond mobile money service EcoCash. The new service was unveiled a by Econet at an event held at Meikles hotel this morning.

What is EcoCash Rand?

The EcoCash Rand service is a wallet that allows customers to do Cash in, Cash out, Send money, Access Payroll and Bulk Payer, Pay Merchant and Pay Bills using the South African Rand.

Can I transfer money from Ecocash to Ecocash Rand wallet?

No. The Ecocash Rand wallet is separate from the normal Ecocash USD/Bond wallet. Once you Cash-in your Rands you cannot Cash-out United States dollars or Bond notes. Because the Rand wallet is a separate service, you cannot move funds between it and the USD/Bond wallet.

Promoting Multi-currency system

The move by EcoCash to introduce this new service is to promote a multi-currency system in the country. The country currently faces a serious US dollar shortage hence the introduction of bond notes. This EcoCash Rand service will also improve liquidity and enhance an EcoCash agent banking service that was dying a slow death due to cash constraints.

How to access the EcoCash Rand service

To start using the Ecocash Rand service, follow the following steps;

  1. Dial *151# and enter pin code
  2. Select option 7 (Wallet services)
  3. Choose option 5 (Multi-Currency)
  4. Select option 1 (Associate with other currency) or option 2 (Change primary currency)
  5. Choose associate with ZAR or Change primary currency to ZAR
  6. Confirm and receive confirmation SMS

To kick off using your Rand wallet you have to Cash-in South African rands. Once you Cash-in Rands you will not be able to convert them to USD on Cash-out.

Reserve Bank’s take on the new system

The Reserve Bank of Zimbabwe has released a statement in support of the Ecocash Rand initiative by Econet. Download the Ecocash-Rand-Wallet-Launch Statement from RBZ.

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