Econet Wireless, Zimbabwe’s leading telecommunications and technology company, has pioneered Africa’s first initiative by launching two free remittance corridors into the country, eliminating costs for both senders and recipients. In collaboration with its affiliate, Sasai Money Transfer, Econet now enables individuals and businesses in the United Kingdom and South Africa to transfer money to Zimbabwe without incurring any fees, effective from May 2, 2024. Recipients can cash out from their EcoCash wallet at no charge.
Presently, international remittances often carry significant fees, with senders facing charges of up to 15% and recipients paying 3% upon cashing out. Dr. Douglas Mboweni, CEO of Econet Wireless Zimbabwe, emphasized that this ground-breaking decision aims to assist Zimbabweans in confronting the profound challenges posed by the ongoing drought, recently declared a national disaster.
“We anticipate that Zimbabweans in the Diaspora will utilize the cost savings to provide more support to their families back home,” remarked Dr. Mboweni. “The primary remittance corridors from the UK and South Africa have been identified, as they constitute the majority of remittances to Zimbabwe. By leveraging our internal resources, we can eliminate third-party charges and facilitate more affordable transfers.”
Dr. Mboweni expressed hope that Econet’s initiative would prompt other remittance service providers to reconsider their fee structures, aligning with broader efforts to enhance Africa’s economic development agenda through reduced transaction costs. Additionally, this initiative aligns with the government’s objectives to boost diaspora remittances through formal channels.
With Econet’s extensive EcoCash agent network, individuals in remote areas gain access to affordable financial services, minimizing the need for extensive travel to collect cash. Remittance transfers will be conducted through the EcoCash US dollar wallet, easily accessible by dialing *153# on an Econet-registered line.
For senders in the UK and South Africa, Sasai Money Transfer provides a seamless experience through the Sasai Money Transfer App, available on the Google Play Store and App Store.
