Econet Wireless Enables Free Money Transfers from UK and South Africa to Zimbabwe

Econet Wireless, Zimbabwe's largest telecommunications and technology company, has partnered with its sister company Sasai Money Transfer to enable free money transfers from the UK and South Africa to Zimbabwe starting May 2, 2024. This initiative aims to help Zimbabweans weather the acute challenges caused by a severe drought that has left more than 2.7 million people in need of food aid.

Normally, international remittances to Zimbabwe attract charges of up to 15% for the sender and 3% for the receiver when cashing out. However, under this new framework, individuals and companies in the UK and South Africa can send money to Zimbabwe free of charge, and the recipients can also cash out for free, making it the cheapest way to send money back home.

Econet's CEO, Dr. Douglas Mboweni, stated, "We have decided to remove all charges, and we are encouraging other companies facilitating remittances into Zimbabwe to also reduce their fees. It is time to bring down remittance costs to assist with the continent's economic development agenda." Mboweni hopes this move will encourage Zimbabweans in the diaspora to send more money home to their families.

Why this matters: This initiative supports the government's efforts to increase diaspora remittances coming into the country through formal channels. Econet's extensive EcoCash agent network ensures that even people in remote rural areas have access to low-cost financial services, reducing the need for recipients to travel long distances to collect cash.

The free remittance corridors will be facilitated through the EcoCash US dollar wallet, accessible by dialing *153 on an EcoCash registered Econet line, and the Sasai Money Transfer App for senders in the UK and South Africa. The majority of remittances to Zimbabwe are conducted through these corridors, and Econet can facilitate these transfers without paying any third-party fees.

As Zimbabwe faces the impact of a severe drought, Econet Wireless' partnership with Sasai Money Transfer to enable free money transfers from the UK and South Africa provides a lifeline for millions in need of food aid. By eliminating fees for both senders and receivers, this initiative aims to boost diaspora remittances and support the country's economic development agenda during challenging times.

Key Takeaways

• Econet partners with Sasai to enable free money transfers to Zimbabwe from UK, SA.
• Aims to boost diaspora remittances and support economic development during drought.
• Eliminates fees for both senders and receivers, making it the cheapest option.
• Transfers facilitated through EcoCash US dollar wallet and Sasai Money Transfer App.
• Supports government's efforts to increase remittances through formal channels.