Financial services provider, ZB Bank’s inroads into the diaspora market are fast yielding results with global money transfer services giant, World Remit witnessing a 40 per cent surge in customers sending money to Zimbabwe for cash collection at ZB Bank locations.
The London-headquartered money transfer firm offers a platform for Zimbabweans living in over 50 countries, including South Africa, UK and USA to send money home from their mobile phones using the WorldRemit app or website, with cash pickups in USD at over 250 locations across the country.
ZB Group chief executive, Ronald Mutandagayi said following extensive market research the bank generated interest from source markets.
“One of our key strategies at ZB is to leverage partnerships for customer convenience and growth. This is in line with our current theme and positioning statement; GO BIG and achieve your financial Freedom. We are saying no matter where you are, ZB will assist you to achieve your dreams and your financial goals.”
“We are excited with the progress made so far with World Remit in light of our recent increased marketing and promotional activity which is targeted towards the growth of our Money transfer business.”
“ZB will continue to leverage on our Money Transfer partners including World Remit as we also focus on our Diaspora Banking which we will be formally launching this year in line with our key strategic pillar to increase foreign currency earnings,” said Mutandagayi.
The increased inflow of remittances was buoyed by the opening of schools in the month of May as most people living in the Diaspora were sending money back home coupled with a generally improved usage of digital banking services in the country.
“As thousands of children in Zimbabwe go back to school, the contributions of the diaspora are vital to upholding the education of children across the country. Switching to digital services to send money back will make this money go even further.
“We will continue working with our trusted partners, such as ZB Bank so that we can guarantee Zimbabweans can collect their money as cash in USD when they need it most,” Country Director of Zimbabwe and Head of Sub Saharan Africa at World Remit, Pardon Mujakachi said in a statement.
Early this month, ZB Bank stated that it hopes to reinforce its diaspora unit and leverage on a substantial number of Zimbabweans living abroad as a key contributor to its revenues going forward as it also seeks to introduce the Visa MasterCard for its customers’ convenience whilst outside the country.
