World Remit cash inflows into Zimbabwe grow by 150 percent

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By Alois Vinga

ONLINE money transfer entity, WorldRemit says its cash inflows into Zimbabwe from various countries across the globe grew by almost 150 percent in a development signifying that the brand is gaining a considerable market share in the cash transmission sector.

In an interview with Business, Thursday, WorldRemit country director for Zimbabwe, Pardon Mujakachi revealed that the entity’s aggressive strategy is reaping good results.

“The volume of inflows into Zimbabwe for collection as cash grew by almost 150 percent last year mainly because we guarantee cash in United States Dollars at over 250 locations across the country, which is why more Zimbabweans are choosing to use our cash pickup service,” he said.

The money transfer institution has built an efficient distribution network by partnering with leading financial institutions such as ZB Bank, CBZ Bank, Steward Bank, NMB and BancABC.

Apart from last year’s growth, recently WorldRemit observed yet another increase in its customer base.

“We have also seen a rapid uplift in new customers sending via our digital service over the past few months. For instance, last week we saw a 50 percent increase in new customers using WorldRemit to send to CBZ branches across major cities, towns, peri-urban and rural area,” Mujakachi said.

He revealed that basing on statistics, Zimbabwe is one of the entity’s top receivers of money transfers.

“Our brand presence in Zimbabwe has been strengthening as we adapt to a changing market. We know that Zimbabweans receiving money from family and friends living abroad need guaranteed access to cash across the entire country. To ensure that we can serve remittance recipients living in both rural and urban areas, we have spent the last 12 months scaling our cash-pickup service and now have the widest network compared to any other international remittance service,” he said.

The online money transfer entity boss said that moving forward service growth will be anchored on alignment of services to global trends and making receive countries to get the sending status.

In line with this digital money transfer services have since been launched in South Africa while   Zimbabwe will be one of the service’s next recipient.    

WorldRemit was founded in 2010 by Doctor Ismail Ahmed, a former compliance advisor to the United Nations Development Program.

Ahmed began developing WorldRemit while studying for an MBA at London Business School.