Econet announces preps for changeover from Zimdollar to ZiG

Econet Wireless Zimbabwe has announced that it has suspended trading in the ZWL currency as it works to configure the changeover from ZWL to the new ZiG currency on its various product platforms.

Econet Wireless, the leading telecommunications and technology company in Zimbabwe, sells its core voice, data and SMS products through a wide variety of packages, including the popular voice and data ‘bundles' (promotional offers with a validity period) sold through digital (electronic) and physical channels.

 Following the Monetary Policy Statement on Friday (April 5, 2024), and the introduction of a new ZiG currency, Econet said it was preparing its systems to allow trading in the new currency.

"We would like to advise our valued customers that we are currently in the process of configuring our systems, to allow the changeover from the ZWL currency to the new ZiG currency, in compliance with Statutory Instrument (SI) 60 of 2024," the company said in a statement.

"Customers can, however, still purchase all our products and services in US dollars (USD), using our normal sales and distribution channels," the statement said, adding that it would be able to trade in the new ZiG currency by Monday, April 8, 2024.

Econet's distribution channels include its own Econet Shops, as well as its dealer shops. Econet also sells its products via a wide network of merchants, which includes retail and supermarket chains such as in OK, Bon Marche and Pick 'n Pay, along with online and digital platforms, including EcoCash, Zimswitch and several commercial banks.

Econet also addressed the issue of customers that had bought airtime or data before the changeover.  "In the case of customers who bought bundles before the ZWL currency suspension, their bundles will continue to be available for their use until they either expire or are used up by the customer. However, the main account balance will be converted to ZiG, at the going rate during the ongoing the transition."

"We regret any inconvenience the changeover may cause our customers," Econet said.    

The listed telecommunications company joins hundreds of businesses – including banks and several retailers across the country – that issued statements to their customers on Friday night and on Saturday, notifying them of the suspension of the ZWL sale of their products and services, as the companies work on the transition to the new currency.