Econet Wireless Zimbabwe, the largest mobile network operator in the country, today through its mobile service subsidiary, EcoCash has unveiled a new product which allows you to swipe money from any bank to your EcoCash account.
Cash shortages are set to continue unabated as the Reserve Bank of Zimbabwe’s (RBZ) monthly economic review for April recorded that 2,51% or $153,53 million of the broad money supply was the currency in circulation, against optimal levels of 15%.
Currency in circulation is the currency that is physically used to conduct transactions between consumers and businesses rather than stored in banks, financial institutions or the central bank.
The cash crisis has inconvenienced many people some banks like standard charted and Barclays hadn’t been integrated with EcoCash.
Since EcoCash has been failing to integrate with the banks they have decided to integrate with ZimSwitch.
The integration will allow you to swipe your money from your bank account into your EcoCash account.
What you need to know
With the new service, you will only need your bank card and a Steward Bank POS machine, swipe and enter the code then confirm on your phone and the money in the account! To complete the transaction you will use your card pine account.
As long as your bank is linked to EcoCash, it is possible to swipe to EcoCash.
The service is only limited to EcoCash customers with ZimSwitch bank card.
The service is only available to Steward Bank POS devices.
You can swipe up to $2000 per transaction, however, the limit depends on your bank terms and conditions.
You can only swipe into your EcoCash account.
