Global money transfer company, WorldRemit has entered into a new partnership with Atlas Mara Limited-owned Zimbabwe financial institution BancABC to provide a digital money transfer service.
Using the WorldRemit app or website, the partnership will now allow 3 million Zimbabweans living in over 50 countries such as the United Kingdom, the United States, Canada and Australia to send money quickly and securely to anyone in Zimbabwe at any of BancABC branches and 20 new cash pickup locations across Zimbabwe.
“The partnership will build WorldRemit’s rapid expansion in Zimbabwe as we continue to scale our network of partners across the country,” said Pardon Mujakachi, WorldRemit’s Head for Southern Africa.
BancABC is one of Zimbabwe’s leading banks, with an extensive distribution network and millions of customers across the region. The new partnership with WorldRemit will increase convenience for Zimbabweans receiving funds from abroad with guaranteed cash, including in underserved areas such as Triangle, Victoria Falls and Zvishavane.
Remittances are of integral importance to the Zimbabwean economy. According to the Reserve Bank of Zimbabwe (RBZ), the country received almost $1 billion in remittances in 2016. This money flows directly into the local economy, accounting for 11% of the country’s GDP. WorldRemit data shows that this money helps relatives pay for food, school fees and medical bills, and offers vital support and in times of emergency.
“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.’’ Pardon Mujakachi, said.
“We are delighted to be partnering with BancABC, a part of Atlas Mara and a leading financial institution across the region’’ he added.
BancABC Country Head of Digital Banking Paul Banga also welcomed the partnership saying “We are very pleased to be partnering with WorldRemit to enable our diaspora market to transact, invest and support the economy and their families, as well as enhancing BancABC’s offering to our existing and potential clients.
This partnership will enable us to serve clients across different regions more effectively and move closer to seamless digital experiences for our customers,” he said.