Zimbabwe News and Internet Radio

World Remit terminates direct bank transfers for Zimbabwe as economy limps in the dark

World Remit, one of the biggest money transfer companies to Zimbabwe and Africa has announced it will be terminating bank transfers to Zimbabwean bank accounts from 26 June 2022.

The money transfer organization announced the negative development in a statement.

“At World Remit, we pride ourselves on offering the best possible service to our customers. Sometimes that means removing services where we don’t believe we can provide the best-quality service or the widest range of options for you,” read the statement.

“We’ve decided to remove bank transfers from our service in Zimbabwe. From 29/06/2022, you won’t be able to send money to bank accounts in Zimbabwe.

“We do apologise for any inconvenience this causes to you or your loved ones. The good news is that our other money transfers, including cash pickup, mobile money and airtime, will still be available. Have a look at our website and app for more information.”

Zimbabwe’s current economic climate which is characterised by severe socio-economic hardship and political instability has long been viewed as preventing the investors both local and international from achieving its investment objectives.

The Southern African is currently experiencing severe socio-economic and financial hardship and political instability.

The local currency continues to fall against the US dollar. Analysts have since urged the regime to dump the Zim dollar to embrace a multi-currency regime anchored on the US dollar but President Emmerson Mnangagwa and his technocrats have remained adamant.

Commenting on the latest development, journalist Hopewell Chin’ono said: “The Zimbabwean foreign exchange system has collapsed due to a controlled exchange rate which is used to loot public funds!”