International money transfer services provider, WorldRemit has reported that remittances to Zimbabwe on its platform have doubled in the last six months driven by the availability of cash collection points during COVID-19 as it announced the launch of a new partnership with OK Zimbabwe.
The Fintech company, which has partnerships with companies such as Mukuru.com to increase its customer footprint into both rural and peri-urban areas, said the new pay-out service allows Zimbabweans to receive remittances, instantly shop and collect cash from across 64 OK Zimbabwe store locations.
The service will also further extend WorldRemit’s trading hours.
WorldRemit head of Sub-Saharan Africa and Zimbabwe director Pardon Mujakachi said they are continuously looking at how to respond to the increasing demand for their product in the Diaspora and innovate pay-out options for customers at home.
“The customer demand creates opportunity for growth and the expansion of our footprint especially in the hard to reach areas of Zimbabwe,” he said.
Zimbabweans in the Diaspora are driving the exponential growth as they increasingly embrace the benefits of the digital platform offered by WorldRemit.
The money transfer service is said to offer the lowest fees to Zimbabwe from over 50+ send countries including the UK, USA, Canada, Australia, New Zealand and South Africa.
“Our digital model offers customers the convenience to transact on the go whilst providing a fast and affordable experience for sending money home to loved ones.” Mujakachi said.
The partnership with OK Zimbabwe will be powered by Countitouch Technologies.
“Our first retail partner offers a cash guarantee and with the convenience, speed and security we offer our customers, now every day is a remittance day.
“The OK Zimbabwe retail network is the widest in the country and offers us the opportunity to expand the depth of our remittance services for Zimbabweans.”
OK Zimbabwe has a footfall of approximately 70 million people visiting their retail stores per month, six days a week and is currently open from 8am to 6.30pm due to COVID-19 restrictions.
Post pandemic, OK Zimbabwe stores will extend its trading hours to 8am to 8pm, seven days per week.
“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.”
Earlier this year, the World Bank forecasted that in the wake of the COVID-19 economic crisis, remittance flows to Sub Saharan Africa would fall by 23.1%.