Econet Wireless Zimbabwe’s mobile money subsidiary – EcoCash – is set to become a big player in the country’s foreign exchange market after it launched a bureau de change service.

EcoCash’s new service will allow users to change greenback deposits or remittances through into Zimbabwe dollars.

Said EcoCash chief executive Natalie Jabangwe:

“We are introducing to you what will arguably today become the largest bureau de change in the country. I think it is the world’s first mobile-centric bureau de change, making it Africa’s largest bureau de change.”

Ecocash was offering an opening rate of ZWL$10.8 to US$1, while the inter-bank rate was ZWL$10.3 and the parallel market at between ZWL11 and $11.5.

Users will pay 50 cents for using the facility which does not charge commission fees like some banks and bureau de changes do, she said.

EcoCash, which now controls over 95 percent of the mobile money market and the bulk of electronic payments, was launched in 2011 by Econet Wireless Zimbabwe, 2014 EcoCash debit and virtual card 2017 EcoCash Rand wallet 2018 EcoCash FCA wallet.

Said Reserve Bank of Zimbabwe deputy director for exchange control Obvious Runesu:

“We now have 200 bureau de change branches all over the country and most importantly we continue to receive applications and we will also continue to license them,” he said.

“We urge EcoCash to be fair and protect your customers. Let’s not forget that the EcoCash FCA wallet is mainly funded from remittances.”