On that Tech Note-EcoCash Launches Digital Bureau De Change
This morning the Tech Scene witnessed the birth of yet another ground-breaking advancement as EcoCash launched what they are claiming to be the first mobile Bureau De Change in the country, which will bring some convenience for those seeking to change their money without having to leave their home.
In a presentation by EcoCash CEO, Natalie Jabangwe said that the mobile Bureau De Change comes in handy for those EcoCash users that have funds in their FCA wallets and are in need of a convenient and reliable platform to sell their forex via USSD.
By simply dialling *150# one will be able to access the Bureau De Change which allows one to check the rate, sell US$ and also check the Bureau De Change’s terms and conditions.
According to Jabangwe, users can convert cash from 4 sources:
- Funds you personally put into your EcoCash FCA
- Diaspora remittances sent directly into an FCA wallet
- AID disbursements from NGO’s into FCA wallets
- Bank to FCA wallet
Funds in this wallet will be converted into RTGS$ at the day’s prevailing rate (today it’s at 10.80) before sellers.
It is still too soon to give a verdict whether or not the mobile Bureau De Change will cause a huge dent to the money changer rampant in the city centre, at most this will open doors to stiff competition as rates will be continuously changing to keep up with the completion.
For users who already have FCA wallets and receive money into them, this will probably be their go-to option (if the rates are favourable). For those without FCA wallets (or receiving money into FCA wallets), the friction of having to create and deposit money into an FCA wallet first might put them off.
Econet has managed to deliver new technology advancements regularly and we cannot wait to see what new projects they have up their sleeves.