This morning, EcoCash launched what they are claiming to be the first mobile Bureau De Change which will bring some convenience for those seeking to change their money without having to leave their home.
How will the EcoCash Bureau De Change work?
EcoCash users that have funds in their FCA wallets can sell their forex to EcoCash via USSD.
By simply dialling *150# you’ll be able to access the Bureau De Change which allows you to check the rate, Sell US$ and also check the Bureau De Change’s terms and conditions.
The use cases that EcoCash CEO Natalie Jabangwe dwelt on during her presentation included converting cash from 4 sources:
- Funds you personally put into your EcoCash FCA
- Diaspora remittances sent directly into an FCA wallet
- AID disbursements from NGO’s into FCA wallets
- Bank to FCA wallet
Funds in this wallet will be converted into RTGS$ at the day’s prevailing rate (today it’s at 10.80) before sellers.
How popular will this be?
It will be interesting to see what impact this will have on black market dealers in the streets. For users who already have FCA wallets and receive money into them, this will probably be their go-to option (if the rates are favourable). For those without FCA wallets (or receiving money into FCA wallets), the friction of having to create and deposit money into an FCA wallet first might put them off.
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