This technological breakthrough is a first on the continent. This move by Econet means that people who send and receive money from the two countries with the biggest population of Zimbos outside Zimbabwe will no longer have to pay any cost or charge.
Econet Wireless is implementing this new development with with Sasai Money Transfer, a subsidiary of the parent company, Econet Group. Starting today, 2 May 2024, anyone in the UK and South Africa can send money into Zimbabwe at no cost.
Normally, sending money attracts a 15% charge while cashing out costs a 3% fee.
Econet Wireless Zimbabwe CEO Dr Douglas Mboweni disclosed the reason for opening a free remmitance corridor for people in the UK and South Africa:
“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 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 this is the company’s way of helping mitigate the effects of the El-Nino-induced drought.
Dr Mboweni added that he hopes this development will help open the remittance space in Africa.
In 2023, Zimbabwe received US$1.87 billion in diaspora remittances, a 16% increase from 2022.
The Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ)’s sector performance report for the 3rd quarter of 2023 revealed that Econet has over 10.3 million subscribers, a 73.9% market share.
Step-By-Step Guide
People in the UK and South Africa can send the money through Sasai Money Transfer. Simply download the Sasai Money Transfer App on the Google Play Store and on the App Store.
Econet said remittance transfers are accessible through the EcoCash US dollar wallet. If you are an Econet subscriber, dial *153# on an EcoCash-registered line.
Once you receive the money over your phone, you can withdraw it from your EcoCash wallet for free.
Source iHarare
