WorldRemit enters Zimbabwe market

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WorldRemit, an international online money transfer business, on Wednesday announced a new service offering same-day bank deposits into accounts of all major Zimbabwean banks.

WorldRemit, is an innovative online money transfer business enabling customers in Canada to send money to family and friends back home using various payment options including debit cards, credit cards and Interac Online.

The global group recently launched services in Nigeria and Ethiopia.

“This new service complements the existing cash-pickup that enables the Zimbabwean Diaspora to send money back home using a variety of payment options including debit and credit cards, as well as Interac Online (Canada),” the company said in a statement.

WorldRemit said with same-day bank deposit service, customers now have the option to transfer funds from the convenience of their home or office to bank accounts in Zimbabwe without the need for the sender or recipient to take time off and visit an agent location.

It said the new service offers more competitive pricing and greater convenience than traditional big networks that dominate this sector.

“The fast, convenient and easy-to-use online money transfer service offers unprecedented convenience to our customers in one of our most important corridors,” said Richard Igoe, an official with WorldRemit.

According to the mind-term monetary policy statement, declared foreign currency receipts from the Diaspora through licensed Bureaux deChange amounted to $135 million in the first six months of the year as compared to $110,5 million realised during the same period in 2010, representing a 22% increase.

“This remarkable growth in Diaspora receipts sustained during the year 2011 was largely attributable to improved operating environment and confidence-inducing policy initiatives,” reads part of the monetary policy.