CBZ launches local remittance service


Zimbabwe’s largest financial group, CBZ Holdings has launched a local remittance service that enables clients to safely send and receive money in the country.

The service caters not only for existing CBZ clients but also to those without accounts, a move the bank said was deliberate, inclusive, all-encompassing to embed financial inclusion in Zimbabwe.

The service will leverage CBZ Bank’s nationwide branch network.

“This development which compliments the government’s efforts to smoothly circulate foreign currency across the country comes at the back of successful years of partnerships with money remittance agents like Western Union, MoneyGram, Mukuru, Express links, Hello Paisa and WorldRemit that CBZ Bank has been working with to promote remittance inflow into the country,” Matilda Nyathi, CBZ Holdings group executive, marketing and corporate affairs said in a statement.

“To access this service, customers simply need to produce their national ID or passport in order to send or redeem money. The charge for sending money is 2% of funds being remitted, with a minimum of $2 and maximum of $15; these rates are the lowest in the market.”

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