- CBZ Bank, which is based in the sub-Saharan African nation of Zimbabwe, has announced a new remittance service called CBZ Remit – and it will be open to both existing clients and new ones.
- It comes against the backdrop of both problems in the local currency market and a series of positive relationships and partnerships between CBZ Bank and other organisations in the sector.
- “Accordingly, the services offered by these International Money Transfer Operators remain in place reiterating the Bank’s recognition of the significant role remittance inflows plays in driving economic growth,” CBZ Bank said in a statement to the press.
CBZ Bank, a major bank in the sub-Saharan African nation of Zimbabwe, has announced that it will offer a new local remittance service.
The service, which will be called CBZ Remit, can be used by existing CBZ Bank clients as well as those without an account.
Those who do not have domestic accounts will be able to use the service thanks to the bank’s commitment to financial inclusion and accessibility – a key issue in Zimbabwe and in the wider region.
CBZ Bank has worked with a wide variety of partners, including big names in the money transfer sector such as MoneyGram and WorldRemit.
It has also worked with Western Union as well as smaller regional names such as Hello Paisa.
“To access this service, there are no bureaucratic processes to be followed but customers simply need to produce their national ID or passport in order to send or redeem money,” said CBZ Bank.
“The charge for sending money is 2 percent of funds being remitted, with a minimum of US$2 and maximum of US$15; these rates are the lowest in the market.
“Accordingly, the services offered by these International Money Transfer Operators remain in place reiterating the Bank’s recognition of the significant role remittance inflows plays in driving economic growth,” it said.
The context of money transfer in Zimbabwe is volatile, and the new service is expected to make remittances easier
Currency problems continue to cause issues in the country, with the government regularly intervening on policy issues relating to use of the US dollar.
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