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Thursday, November 21, 2024
HomeGeneralRBZ gives International Remittance Licence to Telecel

RBZ gives International Remittance Licence to Telecel

THE Reserve Bank of Zimbabwe (RBZ) has given the country’s second largest mobile operator Telecel a new international remittance licence which will enable the company to receive money from the diaspora.
By Edward Makuzva
In a statement released Tuesday, Telecel Head of Mobile Financial Services Arthur Matsaudza revealed the licence would allow its customers to receive incoming international remittances directly into subscribers Telecash wallets whilst working with Mukuru to immediately avail the service to its customers.
 
 “The licence to receive incoming international remittances has been granted to us following Telecel’s compliance with the strict regulations and requirements that are in place to ensure the security of depositors’ funds and to prevent financial crimes like money laundering,
 
“Zimbabwe has a huge diaspora community which looks after family and friends locally and this new international remittance licence will have a huge impact on the convenience our Telecash subscribers experience while receiving money from outside our borders,” said Matsaudza.
 
Already, Telecel and Mukuru have integrated their systems so that diaspora funds can be accessed instantly when they are deposited by the sender.
 
“The integration of Telecash and Mukuru systems means people sending money from across borders can initiate payment from outside Zimbabwe by simply providing a Telecel subscriber’s telecash registered mobile number and the money will be deposited instantly and directly into the receiver’s mobile wallet,” he added.
 
Matsaudza urged people to register their Telecel numbers on the Telecash platform to be able to enjoy this instant service adding plans are at an advanced stage to include Western Union as a partner.
 
Telecel Chief Executive Officer (CEO) Angeline Vere highlighted that, “As part of its long term strategy, the mobile operator is looking into using partnerships to increase the convenience of its customers.”
 
 “Our vision as Telecel is to leverage on strategic partnerships that help us improve our mobile financial services and products so that our customers can experience innovation and convenience at world class levels,
 
“Already, we are currently in talks with various international remittance partners with key corridors in South Africa, Botswana, United Kingdom (UK), Australia  and  United States of America (USA) amongst other potential countries and we are very confident these partnerships will change the overall mobile financial service experience our customers will have on our Telecash platform,” said Vere.
 
Mukuru is currently available in South Africa and the UK with Telecash community having reached one million users.
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