BUSINESS REPORTER
A local service station says motorists can buy fuel using EcoCash in United States dollar as it taps into the growing use of the greenback in the economy.
In a notice Puma Charter Road service station said: ““We now do EcoCash USD transactions. Send money. Cash-In and Cash-out. Buy fuel using your USD EcoCash.”
The latest development comes at a time the use of US dollar in the economy has gone up.
Statistics from the Reserve Bank of Zimbabwe show that foreign currency deposits in banks accounted for 64.24% of total deposits as at December 31 2022 while diaspora remittances amounting to over US$1.6bn were recorded by the end of last year.
EcoCash Holdings recently reported a sharp increase in the volumes of mobile money transactions in United States packages as Zimbabweans move away from the Zimbabwe dollar transactions.
It said the reduction of the intermediated money transfer tax to 2% effective January 1 2023 from 4% is expected to further accelerate the adoption of United States dollar digital money transfer services.
