WORLDREMIT, a global remittance firm, has partnered BancABC, adding the banking group’s 20 branches as new cash pick-up locations across Zimbabwe.
BY BUSINESS REPORTER
“The deal with BancABC supports WorldRemit’s expansion in Zimbabwe — the digital money transfer service expects to double its partner network in the next 12 months with a view to guaranteeing access to cash-based remittances across the whole country. BancABC is one of Zimbabwe’s leading banks, with an extensive distribution network and millions of customers across the region,” WorldRemit said in a statement yesterday.
“The new partnership with WorldRemit will increase convenience for Zimbabweans receiving funds from abroad with guaranteed cash, including in under-served areas such as Triangle, Victoria Falls and Zvishavane.”
Remittances are Zimbabwe’s second biggest source of forex after exports.
According to the central bank data, the country received almost $1 billion in remittances in 2016, accounting for 11% of the country’s gross domestic product at the time.
WorldRemit data shows that this money helps relatives pay for food, school fees and medical bills, and offers vital support in times of emergency.
Remittances usually spike around this time of the year in preparation for the holidays.
“The number of transactions sent by Zimbabweans through WorldRemit’s cash pick-up service is growing at more than 20% per month, as the diaspora continue to invest in their local economy and support their family and friends back home,” WorldRemit head of southern Africa, Pardon Mujakachi, said.
“We are delighted to be partnering with BancABC, a part of Atlas Mara and a leading financial institution across the region. The partnership will build on WorldRemit’s rapid expansion in Zimbabwe as we continue to scale our network of partners across the country.”