08 December 2016
Visit aciworldwide.com

WorldRemit partners Zimbabwe's Econet on money transfers

11 June 2014  |  2490 views  |  0 Source: WorldRemit

In the first partnership of its kind, WorldRemit, the global online money transfer service, has partnered with Econet in Zimbabwe to offer customers instant online money transfers to EcoCash mobile wallets.

Zimbabweans now have access to the full range of pay-out options that WorldRemit offers, which also includes bank deposit, cash pick-up and airtime top-up services.

The mobile wallet service enables recipients to receive money quickly and securely on their mobile phones. The mobile wallet can be used for many purposes, such as buying groceries, paying utility bills, buying airtime, sending money domestically, or withdrawing cash from authorised agents.

Currently, 40 per cent of WorldRemit's transactions to Zimbabwe are going to mobile phones. By way of comparison, 52 per cent of WorldRemit's transactions to Ghana and 92 per cent of transactions to Kenya are going to mobile phones.

WorldRemit launched its online money transfer service to Zimbabwe in December 2010 and it quickly became one of the company's largest African corridors. According to the WorldBank, $519 billion of remittance payments were made in 2012, of which $2.1 billion are estimated to have been sent to Zimbabwe.

WorldRemit, with its online business model, offers a more efficient, affordable and transparent remittance alternative to traditional money transfer operators. Customers can send funds from 35 countries to families and friends in over 100 destinations.

Ismail Ahmed, Founder and CEO at WorldRemit, said: "This partnership with Econet makes it faster and easier for Zimbabweans to send money back home. Zimbabwe is one of our longest standing markets and we are proud to continue to innovate and deliver value for our customers there."

Econet Chief Executive Officer Mr. Douglas Mboweni added: "This is a milestone for Econet as we lead the way in the remittances space. We will continue to expand our range of services that are convenient to our customers, while contributing to the economic development and stability of Zimbabwe's economy."

Launched in October 2011, EcoCash has reached 4 million users and processed transactions worth more than $4 billion. EcoCash mobile money accounts now outnumber all of Zimbabwe's traditional bank accounts combined.

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
Visit contisgroup.comFind out morehttp://www.financialcrimerisk.fiserv.com/aml?r=finextra

Who is commenting?

A Finextra member Finextra Member Commented on: Payments regulator blo...
A Finextra member Finextra Member Commented on: Payments regulator blo...

Top topics

Most viewed Most shared
Guesswork alone can crack Visa card security - Newcastle UniversityGuesswork alone can crack Visa card securi...
7500 views 12 comments | 15 tweets | 27 linkedin
OCC to offer fintech firms bank charter statusOCC to offer fintech firms bank charter st...
7040 views comments | 25 tweets | 15 linkedin
China tops world fintech rankingsChina tops world fintech rankings
6808 views comments | 34 tweets | 30 linkedin
Fed Governor sounds warning on alternative credit scoring dataFed Governor sounds warning on alternative...
6234 views comments | 19 tweets | 19 linkedin
Big tech policy group calls on Trump to promote fintech innovationBig tech policy group calls on Trump to pr...
5720 views comments | 22 tweets | 11 linkedin

Featured job

to Six-Figure Base, Commission, Benefits
London, UK

Find your next job