EcoCash in­tro­duces US dol­lar wal­let

Chronicle (Zimbabwe) - - Front Page - Oliver Kazunga

MO­BILE money plat­form op­er­a­tor EcoCash has in­tro­duced a for­eign cur­rency ac­count (FCA) wal­let fa­cil­ity to pro­mote preser­va­tion of value in line with Re­serve Bank of Zim­babwe’s mea­sures to ring fence forex earn­ings.

The FCA dig­i­tal wal­let will ap­pear along­side its ex­ist­ing wal­let as an op­tion on the EcoCash menu and comes in the wake of the re­cent in­tro­duc­tion of for­eign cur­rency or Nostro ac­counts by Gov­ern­ment.

In a state­ment fol­low­ing the launch of the FCA wal­let on Wed­nes­day night, Econet sub­sidiary, Cas­sava Smartech’s chief ex­ec­u­tive of­fi­cer, Mr Ed­die Chibi, said the in­tro­duc­tion of the FCA wal­let pro­vides op­por­tu­nity for cus­tomers to pre­serve value and en­joy con­ve­nience.

“The in­tro­duc­tion of the EcoCash FCA wal­let al­lows our cus­tomers and all for­eign ex­change earn­ers the con­ve­nience to ring-fence their funds in a dig­i­tal FCA wal­let while guar­an­tee­ing that they can trans­act or cash out the funds in the cur­rency they cashed in, or trans­ferred into the wal­let,” said Mr Chibi.

He said all for­eign cur­rency trans­ac­tions on the EcoCash FCA wal­let would be ex­empt from the newly in­tro­duced 2c In­ter­me­di­ated Money Trans­fer Tax.

“All EcoCash for­eign cur­rency trans­ac­tions will not at­tract the new trans­ac­tion tax, pre­sent­ing both in­di­vid­ual and cor­po­rate cus­tomers a real op­por­tu­nity for value pro­tec­tion and preser­va­tion,” said Mr Chibi.

Cas­sava SmarTech plans to list on the Zim­babwe Stock Ex­change (ZSE) in what will be the largest trans­ac­tion in the his­tory of the ZSE.

“We con­tin­u­ously ex­plore ways and means to of­fer our cus­tomers prod­ucts and ser­vices that make a mean­ing­ful im­pact in their lives, their busi­nesses and their en­ter­prises and the in­tro­duc­tion of the EcoCash FCA wal­let is no ex­cep­tion,” said Mr Chibi.

Mr Chibi said Cas­sava would en­deav­our to keep driv­ing dig­i­tal cur­rency adop­tion in Zim­babwe by of­fer­ing its cus­tomers a ro­bust ser­vice, which com­bines ease of use, high se­cu­rity lev­els, great ac­ces­si­bil­ity and choice.

“To­day, our val­ued cus­tomers will now be able to choose to use and switch be­tween the RTGS Nostro wal­let and the tax-free FCA Nostro wal­let to con­duct their per­sonal and busi­ness trans­ac­tions,” he said.

EcoCash chief ex­ec­u­tive of­fi­cer, Ms Na­talie Ja­bangwe, said the EcoCash FCA wal­let would al­low cus­tomers to pre­serve their for­eign cur­rency earn­ings in a con­ve­nient, safe and se­cure way.

Ms Ja­bangwe said the ser­vice would be im­me­di­ately avail­able to all EcoCash sub­scribers with­out the need to re-reg­is­ter.

She said all pro­ceeds from in­ter­na­tional re­mit­tances would be au­to­mat­i­cally pre­served in the for­eign cur­rency wal­let.

Ms Ja­bangwe said the EcoCash FCA wal­let ser­vice would be linked to the EcoCash debit card thereby mak­ing it easy for EcoCash cus­tomers to trans­act out­side Zim­babwe.

She said cus­tomers would be able to cash in funds from the FCA wal­let at any Econet shop and at Ste­ward Bank branches.

Ms Ja­bangwe said for­eign cur­rency salary pay­ments could also be paid di­rectly into em­ploy­ees’ EcoCash FCA wal­lets. — @okazunga

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