May 20, 2014
$519 Bn of remittance payments were made in 2012, out of which $2.1 Bn have been sent to Zimbabwe, according to the World Bank. Today (20th May, 2014), it was announced that Global online money transfer service – WorldRemit – has partnered with Zimbabwe’s Steward Bank to offer its users an upgraded experience at the bank’s extended branch network across the country.
WorldRemit is a global online money transfer business. Migrants and expats from 34 countries can make online payments to families and friends in over 100 destinations. WorldRemit offers a wide range of options to send and receive payments. Senders can make payments online, through smartphones or tablets, by debit or credit card, or via bank transfer. Recipients can get paid via bank deposit, direct transfers to mobile wallets, cash pickup or delivery, or airtime top-up for their mobile phones. WorldRemit recently acquired a $40 Mn investment via Accel Partners.
At WorldRemit our priority is making the money transfer process as smooth as possible for our customers, stated CEO and Founder of WorldRemit, Ismail Ahmed, in a press release. This partnership with Steward Bank increases the options for senders and recipients, making it more convenient to send money to Zimbabwe, he added.
We are always looking for new ways to deliver relevant financial services that are affordable. He added: This new offering enhances our key propositions as a bank - ease and convenience, stated CEO of Steward Bank, Kwanele Ngwenya. Using WorldRemit, Zimbabweans are able to receive money from abroad easily through Steward Bank branches across Zimbabwe.
Recently, WorldRemit expanded its service in Uganda to enable customers to transfer money to mobile wallets. The global online money company is set to provide this new service in order to increase the payout options available for users sending money to Uganda.
Atleast 3 people who have spent more than a decade chasing Mobile Payments and Money business models have told me secretly that till 2012/13 even they used cheques (US checkbook is with their parents abroad in their native country). What does it mean? Remittance experience was broken for us, for the payment experts and for probably everybody. The Moneygram’s and Western Union’s of the world had not solved the problem. Either the charges were so high or the method was so complex and risky that people found it difficult to enjoy sending money home. I have high hopes from online/mobile and Bitcoin related innovations happening in remittance business.