How The Hardworking Diaspora Are Supporting The Zimbabwean Economy

WorldRemit sees volume of remittances to Zimbabwe almost double

WorldRemit, the market-leading money transfer provider, has revealed that Zimbabwe was one of the top five recipient countries in Africa for remittances in 2019, and continues to grow rapidly.

The other African countries who received the most remittances in 2019 were Ghana, Kenya, Uganda with Nigeria receiving the most. WorldRemit recorded a 49% increase in transactions to Africa in 2019. The growth in digitisation and mobile money across the continent has contributed to the substantial growth of remittances.

Pardon Mujakachi , Head of Sub Saharan Africa said: “The Zimbabwean diaspora continues to drive increases in remittances to Zimbabwe. We know that Zimbabweans receiving money from abroad need guaranteed access to cash across the entire country, regardless of where they live. We recognise the transformative impact of remittances and remain committed to serving this region and the whole African continent, through further expanding our coverage”.

Data from the company also shows that members of the Zimbabwean diaspora are predominantly sending money back home from the United States, Australia, Canada, Sweden and the United Kingdom. The UK for example, has a vibrant and active Zimbabwean community and is home to over 120,000 people who were born in Zimbabwe and thousands more of Zimbabwean origin.

Analysis from the World Bank suggests that real GDP growth is projected to increase to 2.7% in Zimbabwe this year. The Bank goes on to state that macroeconomic challenges could remain, in the absence of external financial support. Remittances therefore, from the diaspora prove to be crucial to social and economic development in Zimbabwe. These funds are mainly used for school fees, health expenditure and general household provisions. As previous sponsors of Zimbabwe Fashion Week and the ZimAchievers Awards, WorldRemit has proudly celebrated the many achievements of the Zimbabwean diaspora.

WorldRemit provides a low-cost and convenient service to customers, with a cash guarantee. We also have the largest cash pick up network in Zimbabwe and over 250 hard currency collection points. WorldRemit has formed partnerships with mobile money providers, bureaux de change and leading banks on the ground to broaden accessibility to all customers, regardless of location. In Zimbabwe, the firm has partnerships with development finance institutions, retailers, mobile money firms such as EcoCash and several banks including CBZ, ZB & Steward Bank and BancABC. From Victoria falls to Mutare, WorldRemit has Zimbabwe covered.

Last year, WorldRemit launched South Africa as a send country for remittances and has already witnessed impressive growth with the highest rate of remittances in the first 12 months in comparison to any other country.

WorldRemit is a leading fintech providing international money transfer services. We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower-cost. We currently send from 50 to 150 countries, operate in 6,500 money transfer corridors worldwide and employ over 800 people worldwide.

On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.

Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, UK with a global presence including in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.

Source: AETOSWire