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THE Reserve Bank of Zimbabwe (RBZ) has given money transfer company, Access Forex, greenlight to resume domestic foreign currency services after a few days of suspension due to pending exchange control regulatory approvals.
The company has successfully processed its licensing update application in line with set monetary regulations.
In an official communication seen by journalists after Access Forex’s public notice to its clients, the RBZ said the company has now fulfilled exchange control compliance issues and can now go back to the market to trade freely.
“We write to acknowledge receipt of your letter dated 22 February wherein Access Forex is seeking exchange control authority to engage in domestic foreign currency money transfer business,” reads the notice.
“We also make reference to our letter of suspending this product until regularisation of the same with Exchange Control,” the RBZ letter says.
“Having evaluated your submission, we advise that Exchange Control has no objection to Access Forex registered under Licence number ADLA1/11/00/2022, engaging in domestic foreign currency money transfer business.
“This is over and above the international money transfer business that the institution is already undertaking as a registered Money Transfer Agent (MTA).”
The RBZ said the approved domestic money transfer activities must be done in line with the domestic foreign currency transfer framework issued by Exchange Control and in full observance of the Financial Intelligence AML/CFT Directive PFIU 02/05/21, which provides guidance for the requisite AML/CFT measures and transactions limits for this product.
“You are therefore required to fully acquaint yourself with the provisions of this important directive to avoid any regulatory breaches,” said the Apex Bank.
“Administratively and in order to foster an orderly and transparent domestic foreign currency transfers and for monitoring and transparency purposes, the institution, shall report, on a real time basis, all domestic foreign currency transfer transactions to Exchange Control through the Reserve Bank of Zimbabwe’s Bureaux de Change Transaction Reporting System.”
Speaking to journalists in Bulawayo, Access Forex head of sales and marketing, Shingai Koti said the company was pleased that it has now met Exchange Control regulatory requirements and got the approval to go back to market with this product.
“We are excited that our local transfers are now back online after a few days of suspension due to pending regulatory approval processes,” said Koti.
“Our platforms are secure, simple and affordable.
We deliver through our growing network.
“The resumption of local transfers is really good news, not just for us, but also for our clients who rely on us to send and receive money locally and internationally on a daily basis.”
Diaspora remittances have been one of the key sources of foreign currency for Zimbabwe, which receives nearly US$2 billion annually from people outside the country.
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