Zim targets $2bn diaspora remittances

via Zim targets $2bn diaspora remittances – DailyNews Live 21 August 2015

HARARE – Zimbabwe is targeting $2 billion in Diaspora remittances into the national payment system by year end according to the central bank Diaspora remittances subsidiary, Homelink (Pvt) Ltd (Homelink) board chairman, Morris Mpofu.

Speaking at a Homelink strategic business unit (SBU) housing project launch in the capital yesterday, Mpofu said of this amount only $1 billion was expected to go through the formal channels.

“Diaspora remittances surged by 200 percent from 2009-2014 amounting to $3,5 billion. This year we are targeting $1 billion through the formal channels while another $1 billion will get into the country through informal channels,” said Mpofu.

He added that Homelink SBU, Proplink, was going to tap into the other $1 billion expected in the informal channels helping Zimbabweans outside the country invest into Prolink’s housing projects — like the one that was being launched in Tynwald in which 100 housing units are set to be built with 80 housing stands slated for servicing.

Zimbabwe received $409,5 million from the Diaspora in the first half of the year compared to $397,8 million the previous year as confidence in formal money transfer channels grows, according to Finance minister Patrick Chinamasa’s Mid-term Fiscal Policy Review.

Africa as a whole receives about $64 billion in remittances from its 30 million Diaspora population.

Remittances from millions of non-resident Zimbabweans are a significant contributor to the country’s economy, reaching $840 million in 2014 (about six percent of GPD and 23 percent of export earnings), up from $790 million the previous year.

According to central bank governor, John Mangudya, 25 percent of exports and foreign exchange in the country happen through the Diaspora.

According to the central bank, Zimbabwe gets as much as $1,2 billion in annual Diaspora remittances, with only a fraction of that going through formal channels.

In a bid to draw the remittances into the formal banking system, the central bank last month licensed 27 money transfer operators.

Proplink was created after the Reserve Bank of Zimbabwe (RBZ) unbundled Homelink into four strategic business units (SBUs).

The four SBUs are Proplink, Easylink, Masterlink and Investlink.

According to Mangudya, Proplink will be focused on industrial, commercial and residential development for the Diaspora.

“The company will also develop shopping malls, factories, office complexes, schools, hospitals and resort facilities.

“The development of these facilities will be financed through Diaspora Property Development Bonds with subscribers in the Diaspora having the option for equity participation,” he said in his Mid-Term Monetary Policy Statement, adding that this unit also constructs low-cost houses and offers stands and mortgage loans to Diasporans.

He also revealed that currently, construction of 180 residential properties in Harare was already underway in Tynwald and Mabelreign and projects for Bulawayo, Mutare, Masvingo, Norton and Kadoma are in the pipeline.

Proplink will also offer medical and funeral assurance, property insurance and real estate management for the Diaspora and their relatives in Zimbabwe.


  • comment-avatar

    ini chinekuita neZANU handibati! vanokubira wakasvinura vanhu ivava.

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    ntaba 7 years ago

    Zanu have sidelined and marginalised the people of the country forcing them overseas. Now Zanu sees this a means to retain control at home and then tax the very same people when they remit cash to their Zanu impoverished kith and kin. So, steal, rape, murder and then tax the descendants of those you murdered when they move overseas – but keep their poor parents and siblings in abject poverty. Then stand up and tell the people how clever you are to be able to tax the $2 billion they send back to the country that they cannot live in due to persecution! Methinks that the Diaspora needs to consolidate this power away from Zanu into some form of political power to get rid of this monstrous parasite – Zanu. To use any Zanu financial system to convey cash to Zimbabwe is to feed the evil that murders and destroys the country for the benefit of a few like Mugabe and Grace. It needs to be stopped sooner than later. Zanu are simply parasites – big ones now.

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    R Judd 7 years ago

    Like much of what comes out of ZANU this is dreamtime talk. ZANU has no control over remittances. If they try and put up roadblocks the money will simply flow through different channels.

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    I thought Homelink was dead, after Gidiot Gono stole all the money for Zanooo? I had totally forgotten about it.

    But it is no surprise that Organised Crime want to get their sticky fingers on people’s money – same old, same old!

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    ntaba 7 years ago

    Having destroyed commercial agriculture – Diaspora Inc. looks like a new Ministry for Zanu. I mean they will probably appoint a Minister of Diasporan Affairs to develop their theft approach with videos and propaganda shows – to get more commission.
    If $2 billion is the figure – it is around $5 million day. This is not unrealistic if there are 4 million people in the diaspora. It will be about $1.40 per diasporan per day or about $41.00 a month – very workable The Diasporan Community are now nurturing the Zanu crocodile to make it a bigger and stronger threat against the poor? The Zanu Government is now sponsored by the Diaspora by $2 billion a year?

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    tonyme 7 years ago

    I used to have a foreign currency bank account with TBI which gold sold and all things went well for a while. After the bank changed hands around 2008 I began to notice there was no communication or statements coming from Zimbabwe. I tried to call and all efforts failed as there was no one willing to talk to me. Up to now my money has not been accounted for and nobody claims responsibility for disappearance of my money. What makes things different this time when the leaderhip and their policies are still the same? I would like to get involved but am afraid. Please help to explain the chances of enjoying my investment should I choose to do so.

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      Bvunzawabaya 7 years ago

      I am not stupid. I lost my investments in banks and insrances. Lots of monies I tell you. How am I to trust the same governement that stole my money when I was working for them. Hahaha. Never again will I go back to them so that they cane manage my monies and properties. Apo kwete I tell you handisi benzi.Mbavha dzevanhu.hahahaha kwete. wanyagaira yaona.

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    moyo ndizvo 7 years ago

    zimbabwe yave njuga kutaimirana kwekubirana mari chete hakuna chimwe pasi ne government ya Robert Mugabe!

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    Fundani Moyo 7 years ago

    This is the same government that has denied those of us in the diaspora the right to vote, yet it is quite evident that we have been its lifeline. We should in turn demand the observance of human rights by the ZANU PF government. People should have the freedom of expression without fear. The whereabouts of Dzamara should be made known, lest we continue to aid and abet disappearances and torture of our own brothers and sisters through our remittances. If we are “paying the bill” so to speak, we better be the ones deciding what goes on the menu.