RBZ puts measures for diaspora remittances

via RBZ puts measures for diaspora remittances – NewsDay Zimbabwe February 11, 2016

THE Reserve Bank of Zimbabwe (RBZ) is putting in place measures to allow Diaspora remittances after licencing 34 money transfer agencies by December 2015, deputy governor Kupukile Mlambo has said.

TARISAI MANDIZHA

Speaking at the partnership between Econet Wireless Zimbabwe and international money transfer agency, Chitoro, in Harare yesterday, Mlambo said remittances from the Diaspora were $935 million in 2015.

“We are putting in place measures to continue encouraging Diaspora to send money home. We have a large Diaspora base and the contribution is huge. To date, $935 million was received in 2015 through the Diaspora,” Mlambo said adding that companies should harness technology at their disposal.

As part of the partnership, Zimbabweans living in UK would send money using Chitoro directly into Econet’s mobile money transfer business, EcoCash.

Once the money has been received, it can be used to pay for services, buy goods from over 18 000 merchants in Zimbabwe, or collected in cash from any one of more than 25 000 EcoCash agents.

Chitoro is one of the pioneers of online money remittances. It provides a low cost, secure and convenient way to send money directly to EcoCash, Zimbabwe’s leading mobile wallet, Steward Bank and CABS.

Econet Wireless Zimbabwe chief executive officer Douglas Mboweni said: “We believe in the power of partnerships. Through our partnership with Chitoro, we are also playing a role towards the government’s drive to improve Diaspora remittances into the country. We invite our valued clients in the UK to take advantage of this service when sending money to their loved ones back in Zimbabwe.”

Director of Chitoro, Haxton Rose said: “This is a momentous occasion for Chitoro, our customers in the UK, as well as their loved ones in Zimbabwe. The EcoCash channel adds convenience and choice for recipients in Zimbabwe. We are proud and humbled to be announcing this partnership with Econet and EcoCash and look forward to growing the Chitoro services and continuing to provide excellent service to all our customers.”

Chitoro was acquired by Econet Group subsidiary, Cassava Connect Ltd, a Mauritius- based company, in late 2015.

COMMENTS

WORDPRESS: 7
  • comment-avatar
    planter 6 years ago

    I am keen tom know how much the government can get their hands on or TAX of remittances sent – I mean if someone sends say 100 pounds to loved ones back home – how much of that 100 pounds will they actually receive ????? Trust is something I am not easy with anymore here I lost everything in 2008 as so did most of the country ……

  • comment-avatar

    What tells you the Govt don’t want people to return to Zim?

  • comment-avatar
    harper 6 years ago

    I paid £20 fee to Barclays Bank, UK, to transfer $350 pay a National Parks Deposit. The Zimbabwe Bank took a fee of $50 and we had to pay an extra $50 to the Rest Camp on arrival. Not to mention the $75 per person visa fee paid at the airport on arrival.

  • comment-avatar
    kelly 6 years ago

    with all respect its high time the laws considered diaspora as vital to the economy. Help us feel we belong and change a few things and we may consider investment
    1) This business of giving children of the soil born and bred in Zim one month visas on their return home should be stopped. At least 3 or 6 months makes sense.
    2) Dual citizenship must be recognized for diaspora and this will allow us to invest go in and out without restrictions, we cant have other people run companies for us in absentia.
    2) Liberalise investment laws and we should be able to invest and export funds out of Zimbabwe. U may limit the amount of foreign currency transfers to a certain percentage of the gains.
    3)G

  • comment-avatar
    Blah Lodza 6 years ago

    They want the diasporan money, but they do not want diasporas to afford them the right to vote?

  • comment-avatar
    Jethro Zuwa 6 years ago

    It is quite interesting to note that there is so much hype about diaspora and their money. What makes the discussion more interesting is that there is little if any engagement done with the Diasporas to hear their side of the story. Remember nothing from me without my involvement. Some countries have partnered with these guys and a lot of capital was mobilised. For Zim ummm its tight. One in terms of land we are not considered. In terms of voting we are not considered but they need our money. There are some goons who even have guts to claim that government educated you so you should pay back through remittances. As a nation we will never progress as long as we antagonize each other. Inyasha dzei kukurudire kuti tiunze mare kuchengete vabereki nehama as if we ar enot doing it? There is some suspicion here as we want to know whats is in for government? The so called partners here that is the banks etc be warned because you may be labeled as being part of the scam

  • comment-avatar

    They should treat diasporeans as customers
    By the way, the Customer is king, isn’t it.