Zimpapers Logo

Business Reporter
ZIMBABWE’S leading commercial bank CBZ has entered into a deal that will see Zimbabweans in over 57 countries sending money back home using one of the world’s most reliable money transfer agencies, WorldRemit.

The facility is open to CBZ and non-CBZ clients.

The commercial bank said the money transfer partnership was in line with the institution’s vision of being a preferred provider of financial services solutions in Zimbabwe.

“CBZ is pleased to announce that we have partnered with WorldRemit, a world leading money transfer company for receiving and paying out of in-bound Diaspora remittances.

“The service is open to both CBZ and non CBZ customers,” it said.

The commercial bank said recipients of money sent through WorldRemit would receive it through the CBZ’s extensive branch network in the country.

Diaspora remittances can among others be received through a bank deposit, EcoCash and any mobile money transfer service run by Econet or cash pickup from Steward Bank.

The digital fund transfer company, which was established in 2010 with its global headquarters in London allows Zimbabweans in countries such as the United Kingdom, United States of America, Canada, Australia, France, Greece, Hungary, Ireland, Italy, Belgium and New Zealand to send money back home.

Of late, the Government has recognised the Diaspora community as a potential source of foreign currency prompting the Reserve Bank of Zimbabwe to introduce a Diaspora Remittances Incentives Scheme to encourage the remittances to come through the formal channels.

The scheme seeks to benefit both money transfer agents and the receiver of the funds on the basis of a two percent/three percent split.

The mode of payment under the scheme is such that the agent is expected to prefund the payout and the Central Bank pays the incentive premised on the money received.

According to data from the RBZ, Zimbabwe received about $180 million in Diaspora remittances during the first quarter with a net projection of $750 million by year end.

In 2016, the remittances were $779 million declining from about $939 million the previous year.