WorldRemit, an online money transfer service that provides international remittance services to expatriates and migrant workers recorded a 20% increase in transactions in the first two weeks of October compared to the same period in September.
In a statement, the agency attributed the surge in transactions to the prevailing cash crisis in Zimbabwe.
“The company has seen a 20 percent increase in transactions to cash pick-up locations in Zimbabwe in the first two weeks of October (compared to the same period in September). “This recent surge follows consistent growth in transactions sent to cash pick-up locations over the last year, since WorldRemit stepped in to bring US dollar in cash to Zimbabwe,” it said.
Last November, the money transfer agency began working with partners such as Steward Bank to guarantee cash for recipients of transfers sent for cash pick-up through WorldRemit.
Building on this foundation, the agency said, to make it easier for recipients of money transfers sent through its channels, WorldRemit has significantly increased its cash pick-up network in Zimbabwe and now boasts the widest network in the country.
“Over the last six months, WorldRemit has added 10 new cash pick-up partners to its global network providing an additional 150 locations where recipients of remittances can collect cash in US dollars, with payments paid up in full,” said WorldRemit.
The network expansion means that WorldRemit offers cash at over 200 locations-more than any other remittance service.
It said guaranteed cash was available at Steward Bank, Kaah Express, Quest Financial Services and ZB Bank.
WorldRemit country director for Zimbabwe Mr Pardon Mujakachi was quoted as saying:
“We know that our customers around the world are deeply concerned about how the cash crisis in Zimbabwe is affecting their family and friends back home. “To take some of these worries away, we notify our customers when their recipient has collected the cash so they can be confident they have received all the money sent.”
He added: “More people are seeing the benefits of sending with us and the number of customers sending to our cash pick-up partners has more than doubled in the last year and we’re seeing strong growth.
“Recommendations have been crucial to our growth, so we are also rewarding existing customers who recommend our service with the opportunity to earn $20 for both themselves and the friend they have introduced to the service.”
By helping dollars get into the country WorldRemit hopes to keep trade flowing and business afloat, keeping that money in circulation within Zimbabwe.