WorldRemit partners with BancABC to boost cash based remittances
Just in time for the festive period, WorldRemit customers in over 50 countries can now make fast, secure and low-cost money transfers to any BancABC bank branch in Zimbabwe
Using the WorldRemit app or website, 3 million Zimbabweans living in over 50 countries such as the United Kingdom, the United States, Canada and Australia, can now send money quickly and securely to 20 new cash pickup locations at BancABC branches across Zimbabwe.
WorldRemit is a global leader in digital money transfers. Its mobile-first, digital model saves customers time and money, as they do not have to visit a brick and mortar agent to send funds to Zimbabwe.
The deal with BancABC supports WorldRemit’s expansion in Zimbabwe - the digital money transfer service expects to double its partner network in the next 12 months with a view to guaranteeing access to cash-based remittances across the whole country.
BancABC is one of Zimbabwe’s leading banks, with an extensive distribution network and millions of customers across the region. The new partnership with WorldRemit will increase convenience for Zimbabweans receiving funds from abroad with guaranteed cash, including in underserved areas such as Triangle, Victoria Falls and Zvishavane.
Remittances are of integral importance to the Zimbabwean economy. According to the Reserve Bank of Zimbabwe (RBZ), the country received almost $1 billion in remittances in 2016. This money flows directly into the local economy, accounting for 11% of the country’s GDP. WorldRemit data shows that this money helps relatives pay for food, school fees and medical bills, and offers vital support and in times of emergency.
Pardon Mujakachi, Head of Southern Africa at WorldRemit, comments: “The number of transactions sent by Zimbabweans through WorldRemit’s cash pick up service is growing at more than 20% per month, as the diaspora continue to invest in their local economy and support their family and friends back home.
"We are delighted to be partnering with BancABC, a part of Atlas Mara and a leading financial institution across the region. The partnership will build on WorldRemit’s rapid expansion in Zimbabwe as we continue to scale our network of partners across the country.”
Paul Banga, Country Head of Digital Banking at BancAVC, said: "We are very pleased to be partnering with WorldRemit to enable our diaspora market to transact, invest and support the economy and their families, as well as enhancing BancABC’s offering to our existing and potential clients.
"This partnership will enable us to serve clients across different regions more effectively and move closer to seamless digital experiences for our customers."