RBZ Busy Making Future Plans: How About The Current Cash Crisis?

RBZ Busy Making Future Plans: How About The Current Cash Crisis?
Published: 2016 May 23 05:11:56 (2132 Views)

RBZ keen on getting dividends from the diaspora

Speaking during the partnership launch last Wednesday, Deputy Governor of the Reserve Bank of Zimbabwe Dr Kupukile Mlambo said the central bank would continue to put in place effective systems to encourage the use of formal channels by Zimbabweans in the Diaspora.

Zimbabwe’s mobile money service, EcoCash and Zambia’s MTN Mobile Money launched the money transfer service which allows Zimbabweans in Zambia to send money using MTN Money wallet.

“This collaboration supports the national drive towards promoting systems that will direct remittances into our economy through formal channels. “Our vision is to see our companies harness technology and all our expertise to ensure that Zimbabwe gets the best out of all its assets,” said Dr Mlambo.

Dr Mlambo described EcoCash Diaspora as a reliable source of revenue for the economy. He decried unfortunate encounters where Zimbabwean citizens have used insecure money transfer systems, losing huge sums of money in the process. “It has not always been easy for Zimbabweans outside the country to send money home.

“Many were forced for so long ago to use risky and unreliable methods of sending money home. “Sadly, many lost their hard-earned money to bands of unscrupulous middlemen who posed as money transfer agents. But with this kind of collaboration, such abuse will soon be a worry of the past,” he said.

In a statement, Econet Wireless concurred with Dr Mambo’s sentiments saying: “Remittances play a major role in Zimbabwe’s economy. Our role as EcoCash is to ensure that these remittances are channelled through the formal market for the security of our customers, and also for the benefit of the economy.

“Under the partnership, a Zimbabwean in Zambia will send money by registering with MTN Zambia and then initiating a money transfer request via their USSD Mobile Money short code, then select an EcoCash ZW mobile number. The money will reflect in the selected EcoCash ZW mobile wallet.

“An SMS confirmation will be sent to the recipient and the sender.”

- Herald
Tags: RBZ, Econet, Ecocash, MTN, Zambia, ,
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