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Econet goes into forex exchange. Launches bureau de change

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Ecocash Zimbabwe

ECOCASH has launched a digital mobile phone-based bureau de change in a move set to increase competition in the foreign currency exchange business.

The innovative facility, a first by a mobile money service provider, will likely revolutionise the business by providing the much-needed convenience to the platform’s 10 million registered customers.

According to the company, the new service will allow EcoCash customers to sell foreign currency in real-time and instantly have the local currency converted and credited to their wallets.

The move follows the granting of an operating licence to EcoCash by the Reserve Bank of Zimbabwe, which has an effect of increasing access to specialised digital financial services to millions of Zimbabweans.

Speaking at the launch of the service in Harare yesterday, EcoCash chief executive officer, Ms Natalie Jabangwe, explained how the service would work.

“Before performing a currency conversion transaction, one needs to fund their EcoCash wallet,” she said, adding that a wallet could be funded in a number of ways.

“You fund your wallet by doing a cash-in of physical US dollars (or forex) into the wallet. Or you fund your wallet over the counter, at any Econet Shop. You can also fund your wallet through a direct in-wallet receipt of remittances from the diaspora into your EcoCash wallet. This could be through existing EcoCash remittance partners, which include Cassava Remit, World Remit, Mukuru, Western Union, Money Gram, Orange Botswana and MTN.”
Ms Jabangwe said an EcoCash customer could also fund their wallet via a Nostro bank-to-wallet transfer on their phone, from their respective FCA bank account linked to the EcoCash FCA wallet. She said once the wallet was funded, a customer could then proceed to dial a dedicated EcoCash Bureau de Change menu on the access code *150# to carry out their transaction.

“Customers will be able to check the rate of the day, get a quote for the amount to be sold and receive instant ‘confirmation of sale’ of foreign currency and the ZW$ conversation amount – all this happening via their mobile phone,” Ms Jabangwe said.

Cassava Smartech CEO, Mr Eddie Chibi, the parent company of EcoCash, said: “We are excited to be the first and only mobile financial service provider in Africa to offer this innovative service to our customers, empowering them with a simple, convenient, fast and real-time Bureau de Change service that they can access and use to transact anywhere, anytime.”

He said the service will help customers access competitive exchange rates quickly, convert or change their money in real-time, and transact on a secure platform that they have come to trust.

Ms Jabangwe said EcoCash Zimbabwe continued to leverage on the dynamic innovation capabilities that technology gives by building new products and services that go beyond the early services of financial inclusion.

“The advantage of having a scaled transaction platform is that you can build new services in line with a changing market environment. Accessibility of these services on the mobile phone enables us to travel the journey with our customers towards more complex but necessary financial services in the future,” she said. The Chronicle

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INTERNATIONAL

African Union’s Inclusion in G20: A Significant Acknowledgment of a Continent with 1 Billion Inhabitants

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african-union-g20

The world’s most powerful economies, the G20, have welcomed the African Union (AU) as a permanent member, recognising Africa’s more than 50 countries as important players on the global stage. US President Joe Biden and Indian Prime Minister Narendra Modi both expressed support for the AU’s permanent membership.

The AU has advocated for full membership for seven years and, until now, South Africa was the only African country in the G20. The AU represents a continent with a young population of 1.3 billion, which is set to double by 2050 and make up a quarter of the world’s population.

Africa’s 55 member states have long pushed for meaningful roles in global bodies, including the United Nations Security Council, and want reforms to the global financial system. The continent is increasingly attracting investment and political interest from global powers like China, Russia, Gulf nations, Turkey, Israel, and Iran. African leaders are challenging the framing of the continent as passive victim and want to be brokers instead.

They seek fairer treatment by financial institutions, delivery of rich countries’ long-promised $100 billion a year in climate financing for developing nations, and a global tax on fossil fuels. The AU’s full G20 membership will enable it to represent a continent that’s home to the world’s largest free trade area and abundant resources needed to combat climate change. The African continent has 60% of the world’s renewable energy assets and over 30% of the minerals key to renewable and low-carbon technologies.

African leaders want more industrial development closer to home to benefit their economies. Finding a common position among the AU’s member states, from economic powers to some of the world’s poorest nations, can be challenging, but Africa will need to speak with one voice to influence G20 decision-making. African leaders have shown their willingness to take collective action, as seen during the COVID-19 pandemic. As a high-profile G20 member, Africa’s demands will be harder to ignore.

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BUSINESS

Forging Strong Bonds: Iran and Zimbabwe Deepen Economic Ties in Raisi’s Africa Tour

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Zimbabwe and Iran

On Thursday, Zimbabwe and Iran signed 12 memorandums of understanding to strengthen their bilateral ties during Iranian President Ebrahim Raisi’s visit to Africa. Raisi had previously visited Kenya and Uganda before meeting with Zimbabwean President Emmerson Mnangagwa in Harare. Among the 12 MOUs is a plan to establish a tractor manufacturing plant in Zimbabwe with the help of an Iranian company and a local partner. The two countries also signed agreements for cooperation in energy, agriculture, pharmaceuticals, and telecommunications, as well as research, science, and technology projects.

Mnangagwa expressed his appreciation for investments in several sectors of Zimbabwe’s economy to reporters after the signing ceremony. However, he did not disclose the amount of investment Zimbabwe is expecting from Iran. Raisi mentioned the economic challenges facing Iran and Zimbabwe due to U.S. sanctions but emphasised his country’s efforts to build closer economic ties.

According to Iran’s foreign ministry, trade with Africa is expected to exceed $2 billion this year, but there was no comparison to the previous year’s figures. This African visit is the first by an Iranian leader since 2013, following a visit to three Latin American countries in June, all of which are also affected by U.S. sanctions.

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BUSINESS

Breaking News: E-Creator Fraud Ring Leader Apprehended by Police

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Zhao Jiaotong

The Zimbabwe Republic Police is requesting that individuals who have been deceived by E-Creator, Zhao Jiaotong come forward and report to the nearest police station.

According to police spokesperson Assistant Commissioner Paul Nyathi, the kingpin of the E-Creator Ponzi scheme has been arrested on charges of fraud. The suspect is identified as Chinese national Zhao Jiaotong, who is said to be the founder of the notorious platform that has scammed people out of thousands of dollars.

Nyathi stated, “The Zimbabwe Republic Police confirms the arrest of Zhao Jiaotong, 39, in connection with a case of fraud in which unsuspecting members of the public were duped through the E-Creator Ponzi scheme.”

The police are urging anyone who may have fallen victim to E-Creator to report to their nearest police station. Additionally, the public is encouraged to exercise caution and perform thorough research before investing in any Ponzi or pyramid schemes that promise quick returns.

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