Econet Wireless, has unveiled two free remittance corridors into the country, completely eliminating the cost to both senders and receivers of foreign currency, marking a first for Africa.
Econet partnered with its sister company, Sasai Money Transfer, to enable individuals and companies in the United Kingdom and South Africa to send money into Zimbabwe free of charge, starting today.
This initiative not only abolishes fees for senders but also ensures that recipients can cash out from their EcoCash wallets without incurring any charges.
With international remittances typically burdened by fees of up to 15 percent for senders and 3 percent for recipients upon cash out, Econet’s bold step is aimed at extending a lifeline to Zimbabweans.
Econet Wireless Zimbabwe chief executive officer Dr Douglas Mboweni said: “We hope Zimbabweans in the Diaspora will use the savings to send more money home to their families,” Dr Mboweni said.
“The majority of remittances to Zimbabwe are conducted through these two main corridors (the UK and South Africa). We don’t 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.
The Econet CEO said he hoped the move by Econet would encourage other companies facilitating remittances into Zimbabwe to reduce their fees, noting that it was time that remittances into Africa in general were brought down to assist with the continent’s economic development agenda.
Dr Mboweni added that the initiative was in support of the Government efforts to increase diaspora remittances coming into the country through formal channels.
SOURCE : SUNDAY NEWS
