EcoCash Launches USD Cash-In & Cash-Out Service
EcoCash has launched a new service that will allow customers to cash-in and cash-out United States dollars at Econet shops and Steward Banks.
The new service was launched on Friday in Harare at an event that was attended by senior representatives from the Reserve Bank of Zimbabwe, EcoCash channel partners, merchants, banks and EcoCash customers.
Speaking at the event, EcoCash chief operating office Munyaradzi Nhamo said:
It’s really about convenience. To send US dollars, all that the customer needs to do is visit any Econet shop or Steward Bank branch countrywide and cash-in their US dollars into their EcoCash US dollar (FCA) wallet.
Thereafter they can immediately transfer the funds to anyone – registered on EcoCash or unregistered – and the US dollars will land in the receiver’s wallet in real-time.
The recipient can then go and cash out their US dollars, at their convenience.
Customers will be able to pay for goods and services electronically, be it in supermarkets or across any retail channels, pay their bills, or buy airtime – directly on their mobile phones.
The new EcoCash US dollar service can be accessed on USSD code *153# and allows customers to transfer as little as US$1 up to as much as US$500 per day. Added Nhamo:
Registered customers can also cash-in or cash-out a maximum of US$2 000 per month, while unregistered users can transact up to US$250 per day and US$1 000 per month.
However, the statutory 2 per cent intermediated money transfer tax (IMTT) applies to all transactions.
Nhamo also announced US$10 000 promotional funds to be won by the first customers to use the new service. He said:
To kickstart this exciting service, we have set aside US$10 000 in promotional funds to be won by our customers.
For every US$1 you cash-in and send, we will give you back US$1. We offer cashback of up to US$10 per transaction, on a first-come-first-served basis.