WorldRemit Sees Remittances to Zimbabwe Double in Six Months and Introduces New Retail Partnership With OK 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%. However today, WorldRemit, the global online money transfer service has reported that the demand for their remittance services to Zimbabwe continues to grow at an accelerated rate and has doubled in the last six months for the company.
The company reports that this accelerated growth is driven by the number of cash collection points being made available during Covid-19. Key partnerships have been formed with companies such as Mukuru and more recently OK Stores to increase its customer footprint into both rural and peri-urban areas and to further extend trading hours.
Pardon Mujakachi, Head of Sub Saharan Africa and Country Director for Zimbabwe at WorldRemit said “We are continuously looking at how we respond to the increasing demand for our product in the diaspora and innovate payout 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. Our aim is to ensure that everyone everywhere has access to our service”.
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 added.
In partnership with OK Zimbabwe and powered by Countitouch Technologies, WorldRemit has launched a new payout service that allows Zimbabweans to now receive remittances, instantly shop and collect cash from across 64 OK Zimbabwe store locations. “This retail partnership with OK Zimbabwe - powered by Countitouch Technologies is a first of its kind for us. Our first retail partner offers a cash guarantee and with the convenience, speed and security we offer our customers, now everyday 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.” said Mujakachi.
OK Zim has a footfall of approximately 70million people visiting their retail stores per month, six days a week. Currently open from 8am to 6.30pm, WorldRemit customers can send remittances 24/7 and their recipients can receive cash with more convenience and choice across a network of over 80 branches.
Post pandemic, OK Zim stores will extend its trading hours 8am to 8pm, 7 days per week. Mujakachi adds, “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.”
WorldRemit is a leading fintech providing international money transfer services. We disrupted an industry previously dominated by offline legacy players by taking international money transfers online - making them safer, faster and lower-cost. We currently send from 50 to 150 countries, operate in 6,500 money transfer corridors worldwide and employ over 1,100 people worldwide.
On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.
Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom with a global presence in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.
About OK Zimbabwe
OK Zimbabwe Limited has been in existence since 1942, and has established itself as a customer-oriented retail organization providing comprehensive access to a broad range of retail products and allied services developed in response to its customers' requirements for convenience and value.
The Group is a leading supermarket retailer whose business covers three major categories, comprising groceries, basic clothing and textiles and houseware products. The groceries category includes dry groceries, butchery, delicatessen, takeaway, bakery, provisions and fruit and vegetable sections. OK Zimbabwe Limited trades under three highly recognised brand names, OK Stores, Bon Marche’ Stores, and OKmart. The diverse distribution channel allows the Group to target all segments of the market.
OK Zimbabwe Limited has maintained its position as one of the dominant supermarket retailers in the country’s competitive retail sector. The OK Stores brand boasts 50 outlets nationwide in the major towns and cities around the country. The OK Stores cater for the widest range of customers within the OK Zimbabwe stable.
With the partnership with Contitouch Technologies through Conticash FX we are now able to deliver convenience to millions of Zimbabweans by providing them WorldRemit services within our stores across the country.