Chronicle Editor
Nqobile Tshili, Business Reporter
A SOUTH Africa-registered remittance company is keen to penetrate the Zimbabwean market where it targets Zimbabweans based in the neighbouring country.
The company, Send Home, was founded by a Zimbabwean entrepreneur, Mr Peterson Tengende and his South African partner.
The company was recently licensed by the South African Reserve Bank and sees huge opportunities in assisting thousands of Zimbabwean immigrants who struggle to send money home.
It was among the institutions that were exhibiting at the 61st edition of the Zimbabwe International Trade Fair, which ended in Bulawayo last week. Zimbabwe’s diaspora remittance increased to about US$1 billion last year and the sector has contributed more to the country’s resilience to Covid-19.
In an interview, Mr Tengende, who is the chief executive officer, said their participation at the ZITF was meant to showcase their new services and create new partnerships.
“We are a new entrant, we are excited, it took us some time to get our licence. Our rates are competitive and our exchange rate is very competitive as well,” he said.
“We founded the company when we saw that there is a need for Zimbabweans to send money back home. Some of them were sending money using unreliable individuals including cross border transporters.”
Mr Tengende said their new company was ready to work with undocumented Zimbabweans to have legal means of transferring funds.
“We have a light ‘Know Your Client’ process, which allows us to verify if those sending money are real people with jobs and have a legitimate reason to send money from South Africa to their families back in Zimbabwe,” he said.
Mr Tengende said his organisation was ready to partner most of the country’s bureau de change companies to enhance efficient services. — @nqotshili
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