Financial services provider, CABS, has partnered with global money transfer agency, WorldRemit, to facilitate collection of Diaspora remittances through the bank’s branches countrywide.
CABS managing director Mr Mehluli Mpofu said: “You can now collect cash from any CABS branch nationwide upon production of a valid WorldRemit reference number and Identification documents.
“All cash payouts will be made in United States Dollars only and all transaction fees, charges and commissions will be borne by the remitter. The receiver will be paid the full amount stated in the message,” he added.
Earlier this year, the World Bank forecast that in the wake of the
Covid-19 induced economic crisis, remittances to Sub Saharan Africa would fall by 23.1 percent, but WorldRemit is bucking the trend. Last month, WorldRemit, said it had recorded increased demand for their remittance services to Zimbabwe.
The company said then that the continued growth was being driven by the number of cash collection points being made available during Covid-19, with key partnerships formed with companies such as Mukuru and OK retail stores.
Pardon Mujakachi, head of Sub-Saharan Africa and country director for Zimbabwe at WorldRemit said: “We are continuously looking at how we respond to the increasing demand for our product in the diaspora and innovate payout options for customers at home.
“The customer demand creates opportunity for growth and the expansion of our footprint especially in the hard to reach areas of Zimbabwe. Our aim is to ensure that everyone everywhere has access to our service.”
Zimbabwe has a sizeable population living and working in various parts of the world. According to official statistics, Zimbabwe received US$635 million in diaspora remittances in 2019, up from US$619 million dollars in 2018.– New Ziana