Ecocash recently announced that they are introducing a rand wallet account. The hype was however quickly watered down as thoughts on a “bond” wallet account quickly surfaced in people’s minds although Ecocash never imposed such a thought. It is of paramount importance that the clients know that the wallet will be separate from the USD wallet and customers will not be able to move money between the two wallets.
“With the facility, EcoCash customers are now able to either cash-In, cash-out or make payments to merchants and billers in rand,” said Mboweni
He added that the rand wallet will be a “separate wallet”. Although, the EcoCash platform still allows users “to transact” in both dollars and rands.
“Introducing the rand will reduce pressure on the US dollar currency, which has become the predominant currency over the years but the utilisation levels are unsustainable,” said Econet.
Natalie Jabangwe – the head of the EcoCash mobile money platform which has more than 5 million registered users in Zimbabwe and which also allows for remittances from South Africa – said the rand wallet will be expanded to cater for more services.
“The first phase of the rand wallet roll-out will allow our customers to cash-in and cash out ZAR at any of our EcoCash Agents, send money, and make payments to merchants and billers as well as send remittances on 1:1 in ZAR from South Africa.
“Additional services such as banking services and card transactions, will be gradually added onto the rand wallet system,” she said.