Econet’s Bereau De Change product Launch this morning shows the company’s even deeper dive into the Zimbabwe’s USD Forex market. The company has already been running products aimed at Zim people’s USD (namely The EcoCash FCA Wallet) but this new move could prove to be incredibly beneficial for the company if the market accepts it. Here’s a quick run-down on everything you need to know about Econet’s new move.
It allows you to sell your US Dollars on EcoCash.
Getting the average Zimbabwean person to part with US Dollars, even with them considered illegal tender, has proven to be a near impossible task over the last couple of months. EcoCash however seem to think they can offer a convenient and effective enough way to take a crack at it. For starters, this means anyone with an EcoCash FCA account can deposit their USD into said account and sell it directly to Ecocash without having to deal with the unfavorable rates of banks or the less-than-legal risks of dealing with Black market dealers either.
How do you use it?
You simply deposit your USD at your nearest Econet shop , then go on to dial *150# and select Bereau De Change to either check EcoCash current Exchange rate (Which is actually currently higher than most bank rates) or just go straight into selling their USD. Again, convenience is key here, and we’re near certain that EcoCash is banking on that one key feature as a huge attraction factor for most customers
The FCA account still is useful even if you don’t sell your USD(for some).
EcoCash had been pushing it’s FCA account as a means of being an international currency usable worldwide through the EcoCash MasterCard. We assume this had limited success at best due to the obvious new product implementations introduced today but there is a chance that the Bereau De Change move can perhaps revive the FCA accounts for international usage as well. Think about it, if you regularly travel and actually have a lot of money on you (that can tend to have you pulled aside at airports for customs checks and so on) , it’s obviously more comfortable to store all that money in card instead. This is the point of MasterCard and VISA international cards after all, and even if it may be a niche market that EcoCash would be catering to, it’s one that they have wide open for the taking perhaps.
But does this make people want to give away their US Dollar?
Honestly speaking……probably not. Zimbabwean people are all too familiar with the country’s unstable economy letting them down. They know for a fact that having a stable, powerful form of exchange with you is pivotal in these times we live in and hate that fact or not, that’s what the US Dollar is. Even if everything collapses today and we have to all start from scratch financially somehow, chances are the US Dollar will still buy a little more than whatever equivalent currency the Ministry of Finance and Reserve Bank can come up with, and that makes EcoCash’s move seem much less hopeful in hindsight. Either way, we’re intrigued by this move, and curious to see what EcoCash does with it in the coming future. Tell us what you think in the comments below and on social media.