First Capital Bank has announced the opening of a money transfer service. The bank partnered with Money Transfer agents RIA Financial Services, the 3rd largest remittance company in the world. Under what they are describing as an “exciting partnership” First Capital Bank will take advantage of RIAs 160 country & 385 000 location network. People […]
ZB Bank has announced a set of new products; including Kesto. Kesto is being described as a diaspora hub “providing tailor-made solutions” to Zimbos living abroad. Here’s a list of what diasporans signing up can look forward to with this service; Ability to send money back home; building back home; Investing in Zim; purchasing & […]
Individuals/Families who rely on remittances where caught between a rock and a hard place when it was announced that money transfer agents would not be exempt from lockdown. Whilst this decision was made to safeguard the health of the general public, it meant that a significant number of Zimbabweans who rely on remittances were cut […]
Four days into the lockdown and there are still questions, lots of them. One of the questions has to do with whether or not sending money to relatives in Zimbabwe is possible during the 21 days. The more important version of that question is whether it’s possible for the relatives to receive the money sent […]
BancABC has announced that they are partnering London-based remittance company Senditoo. The deal will allow Zimbos in the diaspora to send & receive money at BancABC’s branch network countrywide. Senditoo was predominantly focused on selling airtime but this move establishes as more of a remittance company in the sense that most are accustomed to. it […]
Yesterday Cassava Smartech’s EcoCash launched a digital Bureau de Change. The recently launched Sasai application is also playing in that space, they have announced a diaspora remittance service today. Sasai promises to keep remittances costs low. They have announced their fees to be only 2.5% of the money being sent. Traditional remittance channels have fees […]
I think it’s safe to say that Facebook’s u-turn on cryptos is now complete. Earlier this year when the crypto craze was in full effect Facebook actually banned Crypto advertising on their platform. Months later it turns out Facebook themselves will be making their own crypto. What? Yuhp, Facebook is making their own crypto that […]
Just in time for the festive period, WorldRemit customers can now make fast, secure and low-cost money transfers to anyone in Zimbabwe in a partnership with BancABC at any of the bank’s branches and 20 new cash pickup locations across Zimbabwe. You can read the press release below: Leading digital money transfer service WorldRemit has […]
The amount of online money transfers is fast growing year by year. It’s one reason to have a closer look at the situation in Africa regarding remittances and capital control restrictions. To whom are online money transfers relevant? Online money transfers are relevant to anyone who wants to transfer money to a person in another […]
WorldRemit, a leading online international money transfer company has seen a 20% increase in transactions sent to cash pick up locations in Zimbabwe in the first two weeks of October (compared to the same period in September). The recent surge follows consistent growth in WorldRemit transactions to cash pickup locations over the last year since […]
Some of you may remember Study 263 -the remittance company that was making it possible to send money from Zim to SA or vice-versa using Bitcoin. They recently turned 1 this past weekend and they have been working on some interesting new packages to keep their business relevant. How did it work? Well Study 263 […]
Cryptocurrency powerhouse Ripple, is joining forces with major banks to provide cross-border payments. The tech company has had a pretty rocky start to the year after seeing its prices drop, similar to Bitcoin. However, its cross-border payments plans could be just what the company needs to turn things around. Current international payments system classed as […]
Last week, Techzim wrote about a startup called Study 263 which solves remittance issues using bitcoin. However, the startup only limits its services to from Zimbabwe to S.A and vice versa. Today, let’s talk about BitMari a bit. BitMari is a Bitcoin startup by Christopher Mapondera and Sinclair Skinner. It has several services including remittances […]
A mobile payments and remittances startup called TerraPay may have achieved what could turn out to be a huge industry milestone in the remittances space in Africa. The startup announced today that it has secured a license from the Reserve Bank of South Africa to conduct low-value international money transfers in the country. It’s a big […]
Recently, Mukuru announced that due to the shortage of the Rand in Zimbabwe, it had temporarily suspended South African Rand transfers to Zimbabwe. Suspended in that recipients here can’t collect their money in Rand. Big deal for the recipient? Ofcourse not, Zimbabweans are not exactly clamouring to get Rand. It’s USD cash they want. For the sender, again, […]
The South African fintech startup that slashed the costs for Zimbabweans living in SA to send money home when it launched two years ago has expanded its money transfer service into Nigeria, Ghana and Tanzania. The business will expand into Mozambique, Malawi and Kenya by April. It has also earmarked a country outside of Africa […]
Over the last couple of months a lot has been happening on the money side. Techzim has covered it extensively here but still we’re yet to see someone take time out and spell it all out for us – this is me doing it for myself and hopefully one, maybe two people will benefit. The Reserve Bank […]
Should a Zimbabwean in the diaspora open a bank account in Zimbabwe? What are the benefits of holding an account in Zimbabwe when you work and live outside the country? What are the hoops you have to go through to open and hold such an account? I will try to answer these and related questions […]
RBZ attempts to break informal diaspora remittances, offers money to everyone receiving money through registered channels
Starting from the first of October 2016 this same export scheme will be extended to diaspora remittances. It has been set at 5% – with 2% being reserved for the money trasnfer agent and 3% reserved for the recipient.
Zimbabwe recorded $387.9 million in diaspora inflows during the first 6 months of 2016, representing a 15% decline in remittances from the $457.8 million registered in the first half of 2015.
For a couple of years now PayPal has been ‘active’ in Zimbabwe. Yes, some of you that are across rivers and bridges may sigh and say ‘big deal, so what?’, but this has been a struggle for us, not only as residents in Zimbabwe, but even for mere visitors to our land. Getting paid through […]
Earlier today we wrote on how tech can help Zimbabwe in both a short and long term sense in its current predicament of a USD cash shortage and new Bond notes that Zimbabweans are generally very skeptical about. As indicated in that article, the loss of trust is a big factor in Zimbabwe’s cash shortage problem and the Bond […]
M-vendr, the Zimbabwean founded fintech startup that was accepted into 500 Startups recently just revealed to us their monthly transactions on their Point of Sale token retailing platform has risen to 3 million from about 30,000 around this time last year. Michael Charangwa, the founder, says they are looking to grow even faster with the launch of a new cross […]
WorldRemit, the global money transfer and remittances services company, together with MTN, the Pan-African telecoms concern, have announced that WorldRemit customers can now send money instantly to MTN Mobile Money wallets in Rwanda, Uganda and Zambia.
Earlier today, we attended the official launch of the partnership between EcoCash Diaspora and the global money transfer company, MoneyGram. The EcoCash and MoneyGram remittance option works in pretty much the same way as the other integrated remittance services such as WorldRemit, Western Union and Chitoro.
Mukuru, announced this week the launch of Storecard in partnership with Zimbabwean retailers Halsteds and Electrosales. Essentially, the recipient of the transfer will be able to ‘redeem’ products equal to the transfer value from these participating retailers. Mukuru says that they (and these retailers) are making the overall cost of the transaction cheaper by levying only 5% of the transfer. Regular […]
Earlier this week it was reported that Kenyans will now be able to open Central Bank depository accounts from their phones using their mobile money accounts without visiting a bank or broker, and proceed to buy government paper. Can this be adopted in Zimbabwe as well?
One of the proposed legislative bills, for the Parliament of Zimbabwe will be the Electronic Transaction and Electronic Commerce Bill, commonly referred to as the e-Transactions Bill. It is set to outline the regulatory parameters for electronic transactions and electronic commerce.
You might have heard that a new South Africa to Zimbabwe remittance service called Mama Money is coming in the next couple of weeks. The key problem that Mama Money identified is that it’s still very expensive for migrants in the country to remit back home so they are bringing a new and somewhat anti-capitalist thinking to […]
WorldRemit, the guys that partnered Econet to allow Zimbos globally to remit money direct to EcoCash wallets, have just announced a new partnership with the MTN Group that will see them enabling direct remittances to MTN’s mobile money wallets. This gives them access to some 22.2 million customers in 16 countries across Africa. Quite a huge deal! The […]