The Reserve Bank of Zimbabwe has seemingly caught on to “fraudulent activities” being conducted by Zimbabweans who are taking advantage of its Diaspora Remittances Incentives Scheme (DRIS).
The DRIS was put in place to attract the diaspora to send money through official channels by offering up to 5% interest on the amount sent, 2% would go to the remittance service (The Western Union, Mukuru etc) and 3% would go to the final receiver. Now the RBZ is claiming that there are some fraudulent individuals sending money to themselves.
Apparently, these individuals are using their local or international VISA/MasterCard to withdraw money in neighbouring countries then sending themselves money through remittance services and in the process earning the extra 3% DRIS incentive an act the RBZ believes to be fraudulent.
Speaking at a Bond Notes Awareness Campaign, RBZ Deputy Director for Financial Markets William Manhimanzi made the following comments:
We are aware that such fraudulent activities have been happening and we are quite informed that those people involved have not been doing it in far away countries like United States America but they were using countries like Botswana and South Africa, our neighbours.We are monitoring the situation and we are currently working on finding the right mechanisms to curb these fraudulent activities because that is corruption and something must be done.