London, UK (PRWEB UK) 20 May 2014
Customers of WorldRemit, which recently secured a $40 million investment from Accel Partners, will now be able to make use of cash pick-up services at thirteen Steward Bank locations in ten different cities, including Harare, Bulawayo, Mutare and Gweru (1).
This development complements the existing options available to the Zimbabwean diaspora and ensures that they have access to the full range of pay-out options, which includes money transfers to EcoCash mobile wallet and airtime top-up in addition to bank deposit and cash pick-up.
According to the World Bank, $519 billion of remittance payments were made in 2012, of which $2.1 billion are estimated to have been sent to Zimbabwe (2).
WorldRemit, with its online business model, offers a more efficient, affordable and transparent remittance alternative to traditional money transfer operators (3). Customers can send funds from 36 countries to families and friends in over 100 destinations.
Ismail Ahmed, Founder and CEO at World Remit, said: "At WorldRemit our priority is making the money transfer process as smooth as possible for our customers. This partnership with Steward Bank increases the options for senders and recipients, making it more convenient to send money to Zimbabwe.”
Speaking on the partnership, Steward Bank CEO, Kwanele Ngwenya said: “We are always looking for new ways to deliver relevant financial services that are affordable.” He added: “This new offering enhances our key propositions as a bank - ease and convenience. Using WorldRemit, Zimbabweans are able to receive money from abroad easily through Steward Bank branches across Zimbabwe.”
WorldRemit is a global online money transfer business. Migrants and expats from 34 countries can make online payments to families and friends in over 100 destinations. WorldRemit offers a wide range of options to send and receive payments. Senders can make payments online, through smartphones or tablets, by debit or credit card, or via bank transfer. Recipients can get paid via bank deposit, direct transfers to mobile wallets, cash pickup or delivery, or airtime top-up for their mobile phones.
WorldRemit is headquartered in London, UK, and has regional offices in the USA, Canada, Australia, New Zealand and Hong Kong.
About Steward Bank
Econet Wireless Zimbabwe Limited acquired 100% shareholding in Steward Bank in January 2013 and the Bank is now poised to become one of the leading banks in Zimbabwe. Although Econet Wireless Zimbabwe Ltd, (EWZL) is a public listed company, on the Zimbabwe Stock Exchange, it is a subsidiary of a privately held international group called Econet Wireless Global, which is registered in Mauritius. Econet Wireless Global has operations, and business interests, in more than 17 countries around the world, including Zimbabwe. More information about EWG may be obtained on its website (http://www.econetwireless.com), or its South African head office.
(1) The full list of cities is: Beitbridge, Bulawayo, Chegutu, Gweru, Harare, Masvingo, Mutare. Four of the branches are in Harare.
(2) Figures from The Reserve Bank of Zimbabwe (RBZ), http://www.theafricareport.com/Southern-Africa/zimbabwe-diaspora-remittances-in-decline.html (4 February 2014).
(3) CGAP, “How the poor can benefit from choice in the remittance market” by Wameek Noor & Rasesh Mohan (24 October 2013)