THE Reserve Bank of Zimbabwe (RBZ) is putting in place measures to allow Diaspora remittances after licencing 34 money transfer agencies by December 2015, deputy governor Kupukile Mlambo has said.
Speaking at the partnership between Econet Wireless Zimbabwe and international money transfer agency, Chitoro, in Harare yesterday, Mlambo said remittances from the Diaspora were $935 million in 2015.
“We are putting in place measures to continue encouraging Diaspora to send money home. We have a large Diaspora base and the contribution is huge. To date, $935 million was received in 2015 through the Diaspora,” Mlambo said adding that companies should harness technology at their disposal.
As part of the partnership, Zimbabweans living in UK would send money using Chitoro directly into Econet’s mobile money transfer business, EcoCash.
Once the money has been received, it can be used to pay for services, buy goods from over 18 000 merchants in Zimbabwe, or collected in cash from any one of more than 25 000 EcoCash agents.
Chitoro is one of the pioneers of online money remittances. It provides a low cost, secure and convenient way to send money directly to EcoCash, Zimbabwe’s leading mobile wallet, Steward Bank and CABS.
Econet Wireless Zimbabwe chief executive officer Douglas Mboweni said: “We believe in the power of partnerships. Through our partnership with Chitoro, we are also playing a role towards the government’s drive to improve Diaspora remittances into the country. We invite our valued clients in the UK to take advantage of this service when sending money to their loved ones back in Zimbabwe.”
Director of Chitoro, Haxton Rose said: “This is a momentous occasion for Chitoro, our customers in the UK, as well as their loved ones in Zimbabwe. The EcoCash channel adds convenience and choice for recipients in Zimbabwe. We are proud and humbled to be announcing this partnership with Econet and EcoCash and look forward to growing the Chitoro services and continuing to provide excellent service to all our customers.”
Chitoro was acquired by Econet Group subsidiary, Cassava Connect Ltd, a Mauritius- based company, in late 2015.