Econet Wireless, Zimbabwe’s largest telecommunications and technology company, has taken a significant step to ease the financial burden on Zimbabweans receiving remittances from abroad.
The company has opened two free remittance corridors into the country, allowing Zimbabweans in the United Kingdom and South Africa to send money home without incurring any charges.
Through its associate, Sasai Money Transfer, Econet is enabling senders in these two countries to transfer funds to Zimbabwe without paying any fees.
Additionally, the recipients in Zimbabwe can cash out the funds from their EcoCash wallet without incurring any charges.
This move is expected to boost diaspora remittances into the country, which last year totalled US$1.87 billion through official channels, a 16% increase from the previous year.
Econet Wireless Zimbabwe CEO, Douglas Mboweni, explained that the company is responding to the need to ease the impact of drought on people receiving remittances.
With the country recently declaring a national disaster due to the worst drought in decades, leaving over 2.7 million people in need of food aid, Econet hopes that the savings from the free remittance corridors will encourage Zimbabweans in the diaspora to send more money home to their families.
Mboweni also challenged other companies in the remittances space to follow Econet’s lead and cut their fees, emphasising that it is time for remittances into Africa to be brought down to assist with the continent’s economic development agenda.
“We hope Zimbabweans in the Diaspora will use the savings to send more money home to their families.
“The majority of remittances to Zimbabwe are conducted through these two main corridors (the UK and South Africa).
“We do not have to pay any third parties on those corridors because we rely on a sister company in the group, which agreed to help out,” he said.
Econet will rely on its extensive EcoCash agent network, which provides widespread reach, including in rural areas, to facilitate remittance transfers.
To access the free remittance corridors, senders in the UK and South Africa can download the Sasai Money Transfer App on the Google Play Store and App Store, while recipients in Zimbabwe can access their funds by dialing *153# on an EcoCash registered Econet line.
