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Sunday, May 26th

WorldRemit, Zim's BancABC partner on transfer service

WorldRemit, Zim's BancABC partner on transfer service

Global money transfer company, WorldRemit has partnered with Atlas Mara Limited-owned Zimbabwe financial institution BancABC to provide a digital money transfer service.

"The partnership will build WorldRemit's rapid expansion in Zimbabwe as we continue to scale our network of partners across the country," said Pardon Mujakachi, WorldRemit's Head for Southern Africa.

"The number of transactions sent by Zimbabweans through WorldRemit's cash pick up service is growing at more than twenty percent per month, as the diaspora continue to invest in their local economy and support their family back home."

According to Mujakachi, there are over 3 million Zimbabweans living in foreign countries – most prominently the UK, the United States, Canada, and Australia, and they can remit their money using the WorldRemit app, or website says Mujakachi.

He believes the agreement will make it easier for Zimbabweans to access their money transfers at the BancABC's bank branches and twenty new cash pickup locations nationally.

Remittance services continue to gain traction in the market amid continued cash shortages.

WorldRemit said it has seen a 20% surge in transactions sent to cash pick up locations in Zimbabwe in the first two weeks of October 2018.

Mobile money now contributes 27.2% of revenue, more than the 20% sourced through data.

According to the Reserve Bank of Zimbabwe, the country received about US$1-billion in remittances in 2016. The inflow of the money contributed for about 11% of the country's GDP.

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