Financial services provider, CBZ Bank, has launched an all-inclusive local remittances product, “CBZ Remit”, which allows banked and non-banked customers to send forex locally at the lowest premiums, thereby catering for the needs of the marginalized.
The new funds transfer service, branded CBZ Remit, will allow instantaneous or real-time US dollar money transfers across the country for both CBZ Bank account holders and non-account holders.
Given the CBZ Bank’s nationwide branch network, CBZ Remit will address the ever-increasing demand to securely send and receive money, a burden faced by millions of Zimbabweans who fervently need to move money across the country securely.
This development which compliments the government’s efforts to smoothly circulate foreign currency across the country, comes at the back of successful years of partnerships with money remittance agents like Western Union, MoneyGram, Mukuru, Express links, Hello Paisa and WorldRemit that CBZ Bank has been working with to promote remittance inflow into the country. Accordingly, the services offered by these International Money Transfer Operators remain in place reiterating the Bank’s recognition of the significant role remittance inflows play in driving economic growth.
To access this service, there are no bureaucratic processes to be followed but customers simply need to produce their national ID or passport in order to send or redeem money. The charge for sending money is 2% of funds being remitted, with a minimum of $2 and maximum of $15; these rates are the lowest in the market.
CBZ Remit will transfer amounts as low as US$5 per transaction, and up to US$500 per transaction, capped at US$2 000 per calendar month for CBZ Bank customers. The transaction limit for non-Steward Bank walk-in users will be set at a minimum of US$5 per transaction, and a maximum of US$250 per transaction, capped at US$1 000 per calendar month.