WORLDREMIT says demand for its remittance services to Zimbabwe continues to grow amid reports the volumes of foreign currency flows into the country through the company’s channels doubled in the last six months.
This is notwithstanding an earlier World Bank forecast that in the wake of the Covid-19 economic crisis, remittance flows to Sub Saharan Africa would fall by 23,1 percent. Instead, indications are the figures continue to grow.
The company reports that this accelerated growth is driven by the number of cash collection points being made available during Covid-19 period.
Key partnerships have been formed with companies such as Mukuru and more recently OK Stores to increase its customer footprint into both rural and peri-urban areas and to further extend trading hours.
Head of Sub Saharan Africa and country director for Zimbabwe at WorldRemit, Mr Pardon Mujakachi, said: “We are continuously looking at how we respond to the increasing demand for our product in the diaspora and innovate payout options for customers at home.
“The customer demand creates the opportunity for growth and the expansion of our footprint especially in the hard to reach areas of Zimbabwe. Our aim is to ensure that everyone everywhere has access to our service”.
Millions of Zimbabweans in the diaspora are driving the exponential growth as they increasingly embrace the benefits of the digital platform offered by WorldRemit, he said. The money transfer service is said to offer the lowest fees to Zimbabwe from over 50 plus send countries including the UK, USA, Canada, Australia, New Zealand and South Africa.
“Our digital model offers customers the convenience to transact on the go while providing a fast and affordable experience for sending money home to their loved ones,” Mr Mujakachi added.
In partnership with OK Zimbabwe and powered by Countitouch Technologies, WorldRemit has launched a new payout service that allows Zimbabweans to now receive remittances, instantly shop and collect cash from across 64 OK Zimbabwe store locations.
“This retail partnership with OK Zimbabwe — powered by Countitouch Technologies is a first of its kind for us. Our first retail partner offers a cash guarantee and with the convenience, speed and security we offer our customers.
“The OK Zimbabwe retail network is the widest in the country and offers us the opportunity to expand the depth of our remittance services for Zimbabweans,” said Mr Mujakachi.
“Our extensive cash collection network, flexible cash collection hours and lower fees, offer value for money to our customers. This proves we are the most affordable means of sending money to Zimbabwe.”