Local domestic and international money transfer platform Access Forex is back in the business of local remittances after a few days of suspension due to pending Exchange Control regulatory approvals. This comes after the Reserve Bank of Zimbabwe gave the company the green light to resume domestic foreign currency remittance activities after processing its licensing update application.
In an official communication yesterday seen by journalists after Access Forex’s public notice to its clients, the RBZ said that the company has now fulfilled exchange control compliance issues and can now go back to the market to trade freely.
We write to acknowledge receipt of your letter dated 22 February wherein Access Forex is seeking exchange control authority to engage in domestic foreign currency money transfer business (city to city). We also make reference to our letter of suspending this product until regularisation of the same with Exchange Control.
Having evaluated your submission, we advise that Exchange Control has no objection to Access Forex registered under Licence number ADLA1/11/00/2022, engaging in domestic foreign currency money transfer business. This is over and above the international money transfer business that the institution is already undertaking as a registered Money Transfer Agent (MTA). The approved domestic money transfer activities must be done in line with the domestic foreign currency transfer framework issued by Exchange Control and in full observance of the Financial Intelligence AML/CFT Directive PFIU 02/05/21 (attached) which provides guidance for the requisite AML/CFT measures and transactions limits for this product.
You are therefore required to fully acquaint yourself with the provisions of this important directive to avoid any regulatory breaches. Administratively and in order to foster an orderly and transparent domestic foreign currency transfers and for monitoring and transparency purposes, the institution, shall report, on a real-time basis, all domestic foreign currency transfer transactions to Exchange Control through the Reserve Bank of Zimbabwe’s Bureaux de Change Transaction Reporting System. Please refer to Annexture 1 for guidance on reporting all these transactions.Reserve Bank of Zimbabwe (RBZ)
Speaking to journalists in Bulawayo at the Zimbabwe International Trade Fair (ZITF), Access Forex head of sales and marketing Shingai J. Koti said the company is pleased that it has now met Exchange Control regulatory requirements and got the approval to go back to return to the market with this product.
“We are excited that our local transfers are now back online are a few days of suspension due to pending regulatory approval processes.Our platforms are secure, simple and affordable. We deliver through our growing local network, which includes partners Zimpost, the Spar group, the Truworths and Number One stores, Quest Financial Services, Edgars/Jet Stores, Friserve Investments, Profeeds, Farmvet and Elizabeth Florist and our branches. In South Africa we recently signed on PEP and Ackermanns as a pay-in partner. The ability to partner with these well-known, established brands speaks to the quality of our product.”
“The resumption of local transfers is really good news, not just for us, but also for our clients who rely on us to send and receive money locally and internationally on a daily basis. This means we are now running full throttle, with both the domestic and the international services working smoothly; clients can now send and receive money in forex locally, and internationally to and from South Africa and the United Kingdom”Shingai Koti Access Forex
This comes as the cabinet last week urged Zimbabweans in the diaspora to participate in the country’s investment and development opportunities. Cabinet received a presentation from the Minister of Foreign Affairs and International Trade Frederick Shava on proposed strategies to engage Zimbabweans in the diaspora on the issue to harness their access to capital and development finance to invest back home. Diaspora remittances have been one of the key sources of foreign currency for Zimbabwe which receives nearly US$2 billion annually from people outside the country.