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

Cassava Smartech Zimbabwe, yesterday launched the Vaya logistics unit, an additional entity that deals with delivery trucks and van services under its Vaya division.

The launch of the new product was done at the Cassava Smartech stand at the Zimbabwe International Trade Fair (ZITF).

Like any ordinary ride, the trucks and vans can be “easily” booked from anywhere at any time via the convenience of a mobile application, management said.

Chief executive officer Mrs Dorothy Zimuto said the launch came about after Cassava had noticed high demand for service to transport cargo on the market.

“Today, here in Bulawayo, we are launching Vaya logistics under the Vaya division because we noticed that there is a need to transport cargo from one place to another,” she said.

She said the company noticed that people using Vaya mobile were bringing cargo along with them which small rides could not transport.

“Previously we only had Vaya express, which moved small packages from one point to another but we have now introduced vans and trucks that can transport heavier cargo,” said Mrs Zimuto.

She said the services were not in competition with any business but were rather complementing what is already on the market.

Mrs Zimuto said Cassava was working on introducing waste disposal services and Vaya specialists services such as borehole drilling, road construction and plumbing under the Vaya division.

She said Cassava was looking at creating a pool of builders, plumbers, electricians, agronomists, mechanics, drivers, nurse aides, carpenters, tillers, tailors, tutors, hairdressers, barbers and domestic workers so that they can be connected to their various markets under an initiative called Technites.

Cassava Smartech has managed to successfully bring into operation Vaya tractor and ambulance services, which can also be accessed on the Vaya mobile app.

Meanwhile, Cassava Smartech, taking advantage of the ZITF platform, has also launched its shuttle services by offering free rides to exhibitors, business people and professionals travelling to the trade fair by air.

Throughout the trade fair week, the Vaya shuttle will be offering free shuttle service to all visitors to ZITF landing at Joshua Mqabuko Nkomo International Airport. The Chronicle

Frank Buyanga has emerged as the owner of the Lamborghini Avedantor S worth about R7.48m that landed in Harare a fortnight ago.

Last week H-Metro reported on the vehicle, whose owner was a mystery then that had been spotted in and around Harare’s northern suburbs including a popular shopping centre.

However, Frank Buyanga turned out to be the owner on Saturday afternoon as he returned from his South Africa base.

Frank Buyanga was spotted with the car at the arrivals section at the Robert Mugabe International Airport and moments later he walked into the Lamborghini Avedantor S and drove off.

Lamborghini Aventador S contains all the usual stuff about new four-wheel steering systems, a 130 per cent improvement of front axle downforce and a whole new control unit to marshall inputs from all the active systems, but none of it, no matter how high-tech, overshadows the drama.

This is how the Aventador S shapes up. It still uses the same central carbon tub with aluminium sub-frames fore and aft. It drives all four wheels through a central Haldex clutch.

The engine is the same 6.5-litre naturally aspirated V12, but the valve timing and variable intakes have been altered, yielding another 40bhp (and exactly 1lb ft more torque). The power gain is also aided by a raised rev limiter (from 8,350rpm to 8,500rpm).