CBZ Bank in new local money transfer service FXCompared.com

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Joe Baker

Senior Writer

Joe is a senior writer working on reports, news and analysis. Previously, he worked as a B2B copywriter, journalist and editor covering a wide range of topics including technology, transportation,… Read more

  • CBZ Bank, which is based in Zimbabwe, a country in sub-Saharan Africa, has announced a new money transfer service called CBZ Remit – and it will be open to existing customers and new ones alike.
  • This comes against the backdrop of both problems in the local currency market and a series of positive relationships and partnerships between CBZ Bank and other organizations in the industry.
  • “As a result, the services offered by these international remittance operators remain in place, reiterating the Bank’s recognition of the important role that remittances play in economic growth,” CBZ Bank said in a statement to the hurry.

CBZ Bank, a major bank in Zimbabwe, a country in sub-Saharan Africa, has announced that it will offer a new local money transfer service.

The service, which will be called CBZ Remit, can be used by existing CBZ Bank customers as well as those without an account.

Those without national accounts will be able to use the service thanks to the bank’s commitment to financial inclusion and accessibility – a key issue in Zimbabwe and the wider region.

CBZ Bank has worked with a wide variety of partners, including big names in the money transfer industry such as MoneyGram and WorldRemit.

It has also worked with Western Union as well as smaller regional names such as Hello Paisa.

“To access this service, there is no bureaucratic process to follow, but customers simply need to produce their national identity card or passport in order to send or redeem money,” said the CBZ Bank.

“The fee for sending money is 2% of the funds transferred, with a minimum of 2 USD and a maximum of 15 USD; these rates are the lowest on the market.

“As a result, the services offered by these international remittance operators remain in place, reiterating the Bank’s recognition of the important role that remittances play in economic growth,” he said.

Money transfer landscape in Zimbabwe is unstable and new service should facilitate remittances

Currency issues continue to cause problems in the country, with the government regularly intervening in policy issues related to the use of the US dollar.

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