In a pioneering move, Econet Wireless, Zimbabwe’s largest telecommunications and technology company, has opened two free remittance corridors into the country, eliminating costs for both senders and receivers. This initiative, launched in partnership with its sister company, Sasai Money Transfer, allows individuals and companies in the United Kingdom and South Africa to send money into Zimbabwe without any charges.
The CEO of Econet Wireless Zimbabwe, Dr. Douglas Mboweni, announced the initiative, emphasizing its importance in assisting Zimbabweans amidst the challenges posed by a severe drought. The country recently declared a national disaster due to the effects of El Niño, leaving over 2.7 million people in need of food aid.
Remittances are a crucial lifeline for many Zimbabwean families, and traditionally, the high costs associated with international transfers have been a burden. Dr. Mboweni hopes that by eliminating these fees, more money will flow into Zimbabwe to support families in need.
The decision to offer free remittance corridors is a strategic one, leveraging Econet’s existing infrastructure and partnership with Sasai Money Transfer. By utilizing its EcoCash platform and extensive agent network, Econet ensures that even those in remote rural areas have access to low-cost financial services.
Dr. Mboweni also sees this initiative as a catalyst for wider change in the industry, urging other companies facilitating remittances to follow suit. He believes that reducing fees for remittances into Africa will contribute to the continent’s economic development agenda.
The process for sending money through the free corridors is straightforward. Senders in the UK and South Africa can use the Sasai Money Transfer App, available on both Google Play Store and the App Store, to transfer funds directly into EcoCash US dollar wallets in Zimbabwe. Recipients can then cash out from their EcoCash wallets for free.
This move by Econet aligns with government efforts to increase diaspora remittances through formal channels, ultimately contributing to Zimbabwe’s economic stability and development.
As Econet sets a new standard for remittances into Zimbabwe, it’s hoped that other companies will follow suit, further reducing costs and increasing financial inclusion across the continent.
