10% bonus for all Telecash Diaspora remittances

10% bonus for all Telecash Diaspora remittances

TELECEL Zimbabwe, which was granted permission by the Central Bank to receive international remittance, will now be paying a 10% bonus to all recipients of inward remittances on its mobile money platform, in line with the government’s drive to encourage the use of formal channels to receive money from the diaspora.

“Telecash has decided to offer a 10 percent incentive to all registered users who receive international remittances from the diaspora community to encourage the use of formal channels as well as to grow the base of registered Telecash customers,” says Telecel’s mobile financial services head, Violet Masunda, in a statement issued today.(Monday.
The mobile operator can now transfer remittances directly into subscribers’ accounts through money transfer agents.

In April, the Zimbabwe government said it had acquired 60 percent stake in the telco from the Amsterdam-headquartered Vimpelcom through ZARNet, its wholly-owned Internet Service Provider (GISP).

“Unregistered recipients will continue to receive the 3 percent incentive which is already being offered by the Reserve Bank of Zimbabwe.”

With limited investment flowing into the country, remittances, have been a key source of liquidity for Zimbabwe.
Last year FDI to the country fell 23 percent to $421 million while diaspora remittances amounted to $2 billion.

The central bank estimates that half of that was also sent into the country through informal channels.

As of June 30 this year, Telecel had 1,204,571 subscribers on its mobile platform, Telecash.

Government has been on a drive to motivate the estimated five million Zimbabwean citizens living outside the country to contribute more to offset gaps in Foreign Direct Investment (FDI). –The Source edited by Patience Rusere