FIRST Capital Bank (FCB) has inked a deal with one of the world’s biggest money transfer agencies to remit funds from Zimbabweans worldwide into the country.FCB said on Wednesday the agreement with RIA Financial Services, the third largest remittance company globally made it one of a few banks in Zimbabwe providing money transfer services on a larger scale.
BY MTHANDAZO NYONI
RIA is a wholly-owned subsidiary of Euronet Worldwide, which offers money transfer services in 160 countries through a network of over 385 000 locations.
“Under this exciting partnership First Capital Bank becomes one of a few banks providing money transfer services of this magnitude, enabling receipt of diaspora remittances to the local market through its diverse branch network,” FCB said in a statement.
“This offering will bring expediency to FCB account holders allowing them to not only access their remittances, but also convert and transact using their bank accounts with ease. Under this partnership all charges are borne by the remitter allowing the beneficiary to collect funds at no cost,” the bank said.
Commenting on the development, FCB managing director, Ciaran McSharry said the deal came when customer convenience and transactional flexibility had become a key pillar of service delivery.
“We are proud of the collective efforts from both First Capital Bank and Ria teams that have worked hard to deliver this exciting service. Our belief is that the Ria partnership comes at an opportune time where customer convenience and transactional flexibility is a key pillar of our service promise. It brings a unique competitive edge in key markets such as United Kingdom, United States of America, South Africa, among others,” he said.
FCB said to provide relevant insurance coverage in Zimbabwe, it also launched a funeral product named “Gadziriro/Lungiselelo” funeral plan in partnership with insurance company, Zimnat.
“This progressive move provides favourable terms during crucial times of bereavement and is set to hedge the product against inflation and protect the customers’ investment in the long-term while remaining cost effective,” it said.
First Capital Bank consumer banking director Angela Kamhiriri said they did not only meet their customers’ needs but exceeded them at “critical moments in life where our assistance through our product suite is integral and life changing”.
The financial institution said these developments highlighted its proactive nature and readiness to innovate.
“Being part of a regional bank with a proud heritage, our aim is to continuously innovate service delivery to provide relevant solutions that impact our customers in a worthwhile manner. First Capital Bank continues to offer a comprehensive range of corporate, commercial and retail banking services and is dedicated to a future of service excellence,” the bank said.