EcoCash Holdings Zimbabwe’s banking division, Steward Bank, has announced that it has partnered with international money transfer or remittance services Senditoo and Thunes.
The partnership is to further expand the bank’s footprint in the remittance space. As I am sure you are all aware, remittance figures have been at heights never before seen (US$1 billion last year and US$649 million at the end of Q2 2021) and this has made it an area of great interest for a number of banks.
The addition of Thunes and Senditoo brings Steward Bank’s money transfer complement to six, including World Remit, Sasai Remit (formerly Cassava Remit UK and EcoCash Remit SA), Mama Money and Small World.
“A considerable number of families in Zimbabwe depend on remittances to put food on the table and address other expenses. These new partnerships give further options for Zimbabweans abroad wishing to send money to their loved ones back home to do so conveniently and safely,”Courage Mashavave, Steward Bank’s chief executive
Of the two new names, Senditoo is the one that would be familiar with many in the Techzim audience. We have even had to the company’s co-founder and CEO Takwana Tyaranini on an episode of our podcast. Thunes on the other hand is a company that I am hearing for the first time. From the company’s website, it is based out of Singapore and its services extend to more than 70 countries.
All in all, this is a positive development because it means that there are more collection points for Senditoo and Thunes in Zimbabwe. I am sure that in the very near future there will be even more, further reducing wait times and queues.