ZB to launch aggressive diaspora banking product, ropes in Ria Money Transfer

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By Alois Vinga

FINANCIAL services group, ZB Financial Holdings (ZBHF) will soon launch an aggressive diaspora banking product which will lessen the risk associated with sending money for targeted use through dishonest family members.

This comes at a time when the institution has also partnered globally acclaimed Ria Money Transfer to serve its client base.

Speaking to Business Friday, ZBFH chief executive, Ron Mutandagayi said that the new product whose launch was delayed by the recent policy shifts but currently awaiting the central bank’s nod, is tailor-made to simplify banking for Zimbabweans in the diaspora,

“The product is divided into a number of areas, one of them being investment. So if you are in the diaspora and you want to invest in the country, we will be there for you to ensure that your investments are made and are managed.

“The other area is around life sustenance whereby if you have relatives back home, we will ensure that we provide comfort for those relatives.

“Life assurance covers one in the unfortunate event of bereavement where the ZB funeral cover which allows them to bury their relatives decently and education is another area allowing diasporas to cover their relatives back home by sending them to school because we have noted that if you send money to relatives, the chances of the money being abused are very high but financial institution are able to direct such funds to the purposes for which they are meant,” he said.

The ZBFH boss said that individuals can access the services directly through their own banks by transferring money as well as taking advantage of the existing correspondence banking facilities already established.

Mutandagayi said the institution has managed to strike a deal with Ria Money Transfer to cater for the diaspora market.

“We are in the remittance business and currently we deal with, World Remit and we also deal with MoneyGram but in addition to those, we have roped in United States based Ria and it will obviously mean that the diasporas’ who are based in the States now have got a partner,” he said.