WorldRemit and Steward Bank form partnership in Zimbabwe
Cash pick-up services now available in more locations
LONDON, UK, 19 MAY 2014: WorldRemit, the global online money transfer service, has teamed up with Steward Bank in Zimbabwe to offer recipients enhanced convenience at the bank’s extended branch network across the country.
Customers of WorldRemit, which recently secured a $40 million investment from Accel Partners, will now be able to make use of cash pick-up services at thirteen Steward Bank locations in ten different cities, including Harare, Bulawayo, Mutare and Gweru (1).
This development complements the existing options available to the Zimbabwean diaspora and ensures that they have access to the full range of pay-out options, which includes money transfers to EcoCash mobile wallet and airtime top-up in addition to bank deposit and cash pick-up.
According to the WorldBank, $519 billion of remittance payments were made in 2012, of which $2.1 billion are estimated to have been sent to Zimbabwe (2).
WorldRemit, with its online business model, offers a more efficient, affordable and transparent remittance alternative to traditional money transfer operators (3). Customers can send funds from 36 countries to families and friends in over 100 destinations.
Ismail Ahmed, Founder and CEO at World Remit, said: "At WorldRemit our priority is making the money transfer process as smooth as possible for our customers. This partnership with Steward Bank increases the options for senders and recipients, making it more convenient to send money to Zimbabwe.”
Speaking on the partnership, Steward Bank CEO, Kwanele Ngwenya said: “We are always looking for new ways to deliver relevant financial services that are affordable.” He added: “This new offering enhances our key propositions as a bank - ease and convenience. Using WorldRemit, Zimbabweans are able to receive money from abroad easily through Steward Bank branches across Zimbabwe.”
(1) The full list of cities is: Beitbridge, Bulawayo, Chegutu, Gweru, Harare, Masvingo, Mutare. Four of the branches are in Harare.
(2) Figures from The Reserve Bank of Zimbabwe (RBZ), http://www.theafricareport.com/Southern-Africa/zimbabwe-diaspora-remittances-in-decline.html (4 February 2014)
(3) CGAP, “How the poor can benefit from choice in the remittance market” by Wameek Noor & Rasesh Mohan (24 October 2013)