Remittance players join forces to increase access to remittances in Zimbabwe
LONDON–(BUSINESS WIRE)–WorldRemit, the global online money transfer service has announced a partnership with Mukuru, one of Africa’s largest remittance providers to broaden options for cash pick up in Zimbabwe. The partnership will be instrumental in bringing world-class financial services to Zimbabweans and generating new synergies for African financial inclusion.
Pardon Mujakachi, Head of Sub Saharan Africa and Country Director for Zimbabwe at WorldRemit says “We have witnessed an increasing demand as more Zimbabweans are using our digital app to send money to their loved ones. Through this partnership we are able to drive our service further and wider, providing access to remittances even in small towns and growth points across the country. We want to ensure that everyone, everywhere has access to our service which offers a fast and convenient user experience, affordability and easy access to cash.”
Andy Jury, CEO, Mukuru says “We are excited to be able to extend Mukuru’s valuable pay-out footprint to more customers, and to harness this opportunity with WorldRemit’s global reach to expand our fast-growing global presence – while simultaneously creating new opportunities for customer-led innovation on the continent. These types of synergies bring immediate value to our customers, and alleviates their day to day challenges with user-friendly solutions.”
With many families in dire need of financial resources during the coronavirus pandemic, the partnership enables WorldRemit customers in over 50 countries including the United Kingdom, United States, Australia, New Zealand, Canada and Europe to send money to their loved ones far and wide in Zimbabwe. Recipients are now able to collect their WorldRemit remittance at any of Mukuru’s 120 orange booths and branches, which are located across the country in both rural and peri-urban areas. The money transfer service is operational for six days a week and offers cash in US dollars. Customers will not have to endure long queues, and can collect their cash quickly and safely.
“WorldRemit is 25% more affordable than the traditional players and banks. Our extensive cash collection network, flexible cash collection hours and lower fees, offer value for money to our customers. This proves us to be the most affordable means of sending money to Zimbabwe.” says Mujakachi.
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Global solutions, local expertise
The pioneering deal with WorldRemit, a leading global player in money transfers, was made possible by a strong synergy between the two companies and a shared mission to support Zimbabwe’s large diaspora in their quest to send critical financial resources to families back home. The WorldRemit platform is 100% digital pay in for customers across the diaspora in countries such as the United States, United Kingdom and Europe in particular, while Mukuru is an established remittance provider in Zimbabwe.
The relationship between WorldRemit and Mukuru is particularly significant in that both players are simply leveraging their existing capabilities and resources – and neither company has to invest or generate new resources to make it work.
“Having recognised the challenges that so many Zimbabwean families are facing, both of our leadership teams were able to cut to the chase and find a solution very quickly – whilst still meeting all the financial and regulatory requirements of the partnership,” added Jury. “We are delighted that both Mukuru and WorldRemit can come together to be part of the solution for so many of our Zimbabwean customers.”
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Mukuru is an Africa-based FinTech that enables safe, affordable, reliable financial services to underserved communities. With over 30 million cross-border transactions over the last decade, we are one of Africa’s largest remittances-led FinTech’s. Our remittance service offers customers the opportunity to send money to their relatives or friends in over 20 countries across Africa and Asia.
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Additionally, we offer critical customer services such as Funeral Cover, The Mukuru Money Card and payment solutions for businesses in emerging markets.
WorldRemit is a leading fintech providing international money transfer services. We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower-cost. We currently send from 50 to 150 countries, operate in 6,500 money transfer corridors worldwide and employ over 800 people worldwide.
On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.
Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom with a global presence in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.
For more information visit www.worldremit.com
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