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This move comes at a time when the country is facing cash shortages. Many people are seen in long queues waiting for their money, and Ecocash Econet owned has come up with a move to have a Rand Wallet to its subscribers.people can now cash in and cash out their money in Rands.

EcoCash general manager, Natalie Jabangwe said the company had mobilised an unspecified amount of South African rand to start the programmeof having a Rand wallet. She said this at the officially launch of the Rand wallet.

Introducing the rand will reduce pressure on the US dollar currency, which has become the predominant currency over the years but the utilisation levels are unsustainable,” said Econet

“In Zimbabwe there have been cash shortages and this is a great platform for Ecocash to provide a service of choice to its customers.Ecocash Rand wallet allowers its customers , send money, offers merchant services, payee and bulk payer, and bill payments using the South African rand,” she said.

“The first phase of the rand wallet roll-out will allow our customers to cash-in and cash out ZAR at any of our EcoCash Agents, send money, and make payments to merchants and billers as well as send remittances on 1:1 in ZAR from South Africa.

“Additional services such as banking services and card transactions, will be gradually added onto the rand wallet system,” she said.

The government has declined to take up usage of the rand in Zimbabwe, despite calls for this from the business community.

Econet Wireless, which runs the EcoCash mobile money platform, has now moved in to open a rand wallet with immediate effect, said its chief executive officer Douglas Mboweni.

Barclays Zimbabwe has also been offering Rand withdrawals.

“With the facility, EcoCash customers are now able to either cash-In, cash-out or make payments to merchants and billers in rand,” said Mboweni

He added that the rand wallet will be a “separate wallet”. Although, the EcoCash platform still allows users “to transact” in both dollars and rands.

“The introduction of a multi-currency wallet is another step towards meeting the country’s vision of becoming a cashless society and of easing liquidity in a multi-currency regime,” added Mboweni

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