Largest mobile phone-based money transfer, financing and microfinancing service, ECOCASH, has been granted a Bureau De Change Licence.
Ecocash’s opening rate today is ZWL$10.80 to the United States dollar.
Responding to a tweeter post which seeks clarity on how one can buy foreign currency on the platform, EcoCash Zimbabwe @EcoCashZW said:
Kindly note that the service is aimed at changing funds in your RTGS to your FCA and not vice versa . As you know that it is illegal to transact directly using the $US this is a simplified way of converting the funds for your convenience.
Later they said that the service allows customers to convert funds in their FCA to RTGS.
EcoCash, which now controls over 99% of the mobile money market and the bulk of electronic payments, was launched in 2011 by Econet Wireless, for its customers in Zimbabwe.
It has since frog jumped into 200 countries including South Africa, USA, Namibia, Tanzania, DRC, Malawi, China, India, Kenya and Lesotho.
More: NewzWire; EcoCash Zimbabwe