With remittances to Zimbabwe showing a massive upswing (US$1 Billion) in 2020, many banks and agents have been looking to take advantage of the rise in money transfers. In the third quarter of 2020, CBZ bank announced that it was changing it’s Robert Mugabe Street Branch into a dedicated money transfer hub. This was a good move by CBZ because they house a number of MTAs (Money Transfer Agents) in one location. It looks like NMB has seen the viability of such a branch and has launched its own Money Transfer Centre at the corner First Street and Kwame Nkrumah Avenue.
“Cash is guaranteed in clean United States dollar notes. The centre’s normal opening hours are from 8 am to 4 pm Monday to Friday and 8 am to 1 pm on Saturdays. Our intention in opening this centre is to offer personalised and fast service not only to our customers but to anyone needing to collect remittances or pay DSTV subscriptions,”Ben Washaya, NMB Bank Chief Executive Officer
As mentioned by NMB Bank CEO, Ben Washaya this centre will also be a place where anyone can pay for their DStv subscription. This I think is a really interesting move because one of the things that needs to be paid forex in Zimbabwe is DStv.
Making the money transfer centre somewhere customers can pay for their DStv is pretty inspired. It’s convenient because customers won’t have to move elsewhere to do so, after collecting their remittances. On NMB’s end of things they can recoup a decent portion of the money they are facilitating through the transfer agents.
All in all very well played by NMB, I for one can see this place being pretty busy. And as with the CBZ Money Transfer Centre, the hope is that NMB can open more of these branches around Zimbabwe.