EcoCash unveils a Rand wallet

Econet Wireless Zimbabwe's mobile money platform, EcoCash, has unveiled a Rand wallet which allows transactions in the South African currency only. 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.  

"The introduction of a multi-currency wallet is another step towards meeting the country's vision of becoming a cashless society and of easing liquidity in a multi-currency regime," added Mboweni.

Zimbabwe adopted a multi-currency regime in 2009 after its own Zimbabwean Dollar skyrocketed and spurred on hyper-inflation.

"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.