CBZ Bank launches a local remittance service, CBZ Remit

Business Writer

CBZ Bank has launched a local remittance service that enables clients to safely send and receive money within Zimbabwe as part of the Bank’s need to continually bring convenience to customers.

Dubbed CBZ Remit, the service caters not only to existing CBZ clients but also to non-CBZ clients without domiciliary accounts, a deliberate, inclusive, all-encompassing feat that speaks to CBZ Bank’s unwavering efforts to embed financial inclusion in Zimbabwe.

The Bank in a statement said given its nationwide branch network, CBZ Remit will address the ever-increasing demand to securely send and receive money, a burden faced by millions of Zimbabweans who fervently need to move money across the country securely.

“To access this service, there are no bureaucratic processes to be followed but customers simply need to produce their national ID or passport in order to send or redeem money. The charge for sending money is 2 percent of funds being remitted, with a minimum of $2 and maximum of $15; these rates are the lowest in the market,” the Bank said in a statement.

It said that having a local remittance service, in addition to the wide range of services offered by CBZ Bank, typifies the bank as customer-centric, responding to their needs in order to make customers’ lives easier, thereby giving customers an expedient platform to move money to their families, friends and loved ones.

CBZ noted that this development which compliments the government’s efforts to smoothly circulate foreign currency across the country comes at the back of successful years of partnerships with money remittance agents like Western Union, MoneyGram, Mukuru, Express links, Hello Paisa and WorldRemit that CBZ Bank has been working with to promote remittance inflow into the country.

“Accordingly, the services offered by these International Money Transfer Operators remain in place reiterating the Bank’s recognition of the significant role remittance inflows plays in driving economic growth,” said the Bank.

The Bank said that having started this journey of sending and redemption of money locally with Western Union Money Transfer, the Bank’s wealth of experience, operation and branch network nationwide gives it the edge in the market.