Econet has just introduced the Ecocash bureau de change which, presumably, should enable people to buy and sell forex on their mobile phones. The EcoCash Bureau de Change can be accessed by dialing *150# and choosing option 1; Bureau de change.
Available Options in the EcoCash Bureau de Change
The Econet Bureau de Change provides you with the following options;
- View the Exchange Rate
- Sell USD
- View Ts and Cs
Can you buy USDs on the Econet Bureau de Change
Unfortunately, the Ecocash Bureau de Change currently appears to be a sellers only platform. For those that had already been drooling over the prospect of buying USDs, then you are in for disappointment. You cannot currently buy forex on the EcoCash Bureau de Change. All that you can do is sell USDs! That’s pretty disappointing but probably not very surprising. With all those amounts that are floating around on EcoCash, there would probably be a stampede to buy USDs should that be allowed.
What’s the current USD exchange rate on the Econet Bureau de Change?
The EcoCash Bureau de Change is currently buying 1 United States Dollar for 10.8 RTGSs. That is pretty much in line with what’s obtaining at the market today with regard to the interbank rate.
How does it work
In order to sell your USDs on the Bureau de change from EcoCash, you first need to have USDs in your EcoCash FCA account. You can then get a quote for the amount that you wish to buy by dialing *151# and following the necessary options. This will probably be a limiting factor, considering that most people who are changing forex out there are getting it through agencies such as Western Union and Mukuru. It appears much easier to simply get the cash changed in the street without first depositing it with an EcoCash agent!