EcoCash unveils electronic de change

by DANAI MWARUMBWA
HARARE, (CAJ News) – ZIMBABWEAN mobile users can now convert their United States Dollar nostro from their foreign currency account wallets to local currency (Real-time gross settlement), RTGS or Z$ ) wallets following the launch of the EcoCash electronic bureau de change.

A nostro account is an account that a bank holds in a foreign currency in another bank.

It is anticipated the service would shield customers from unfair practices by parallel marketers.

Natalie Jabangwe, EcoCash General Manager, assured customers the electronic bureau de change would ensure convenience and safety to customers.

“The application guarantees safety and security, conveniently change your money 24/7,” she said.

Jabangwe said the service would be at prevailing interbank rate.

The exchange rate stood at Z$10,80 to the US currency.

Obvious Runesu, Zimbabwe Reserve Bank Acting Exchange Control Director, disclosed the central bank was receiving immense applications from bureau de changes, many of which had been registered.

“We have about 200 branches dotted around the country. It is a big figure. We continue receiving applications and we are licensing them,” Runesu said.

– CAJ News