Zimbabwe could be turning to the rand after earlier rejecting it for official usage in the cash shortage hit country, with the central bank approving mobile phone company, Econet Wireless to start offering rand services for its mobile money wallet that has 5 million users.
A dollar crunch in the Zimbabwean economy has wreaked havoc for companies and Vice President Emmerson Mnangagwa said in parliament that banks limiting withdrawal of newly introduced bond notes will be probed.
The bond notes, which have same value with the US dollar, have run out in banks and the government has pumped in another $7 million this week. But this has not helped ease matters and Econet’s rand wallet has now gone live, allowing cash in and cash out services in the Rand.
To read the article titled, “Rand wallet goes live in Zim” click here.