Chronicle Editor
Natasha Chamba, Business Reporter
ONE of the world’s leading online money transfer companies, WorldRemit, has partnered with BancABC Bank to facilitate low-cost money transfer from over 50 countries to anyone in Zimbabwe and boost cash-based remittances.
In a Press statement BancABC said three million Zimbabweans living in over 50 countries using the WorldRemit platform, can now send money to anyone in the country at any of BancABC branches and 20 new cash pickup locations across Zimbabwe.
“Leading digital money transfer service WorldRemit has partnered with BancABC a part of Atlas Mara for digital money transfers to Zimbabwe,” BancABC said.
“Its (WorldRemit) mobile first, digital model saves customers time and money, as they do not have to visit a brick and mortar agent to send funds to Zimbabwe.”
BancABC said the deal with WorldRemit will support WorldRemit’s expansion in Zimbabwe.
The bank said the digital money transfer service was expected to double its partner network in the next 12 months with a view of guaranteeing access to cash based remittances across the whole country.
WorldRemit head of Southern Africa, Mr Pardon Mujakachi said the number of transactions sent by Zimbabweans through WorldRemit’s cash pick up service was growing at more than 20 percent per month, as the diaspora continue to invest in their local economy and support their families and friends back home.
“We are delighted to be partnering with BancABC, a part of Atlas Mara and a leading financial institution across the region. The partnership will build on WorldRemit’s rapid expansion in Zimbabwe as we continue to scale our network of partners across the country,” he said.
In the country’s economy remittances are of integral importance.
According to the Reserve Bank of Zimbabwe, the country received almost $1 billion in remittances in 2016 and the money flows directly into the local economy, accounting for 11 percent of the country’s GDP.
BancABC country head of digital banking, Mr Paul Banga said BancABC was elated by the partnership.
“We are very pleased to be partnering with WorldRemit to enable our diaspora market to transact, invest and support the economy and their families, as well as enhancing BancABC’s offering to our existing and potential clients,” he said.
“This partnership will enable us to serve clients across different regions more effectively and move closer to seamless digital experiences for our customers.”
— @queentauruszw
Online Reporter
Bongani Ndlovu