EcoCash Launches Digital Bureau De Change

Farai Mudzingwa Avatar
EcoCash, Bureau de Change

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.

If you want to know the latest exchange rates through WhatsApp then use the Techzim WhatsApp bot by clicking this link or texting “Rate” to: 0719696102

12 comments

What’s your take?

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  1. Itso

    Is it possible to buy forex the same platform?

  2. Felix Bvuta

    This will be very much convenient only to those that will prefer transfer and not cash and those with Bank FCA’s. It is easier to transfer from an FCA to Wallet FCA than depositing forex into the FCA wallet first.

  3. Gibbs

    Caution: Terms and condition 4.A charge may be levied for generating a quotation!

  4. Amashefu

    This will also fuel inflation

    1. dave

      Ohh Okay I’m interested to know how?

  5. Anonymous

    What are the charges for those transactions

  6. Anonymous

    it would be fair if i could also buy from the same platform

  7. Jafter Chikwanha

    How possible is it for people in the diaspora to use Digital Ecocash Bereau De Change facilities?

  8. Trevor

    If l send money through WorldRemit, can the recipient then covert the USD into local money?

  9. funny

    How can it be possible to change from my Agent line

  10. Celeb Gossip

    It is said for the next 30 days the service will be free of charge after which they will begin charging a 2.5% fee. I will not use this service after 30 days because it will be expensive. when you get the funds into your Ecocash account, Mthuli Ncube will milk you a further 2% per transaction. useless!

  11. Nhlanhla Mpofu

    This is a brilliant idea ever