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