Hello Paisa Reduces Remittance Rates By 50%
In light of the ongoing COVID-19 pandemic that has shrunk economies, restricted movement, and affected businesses and household incomes alike, Hello Paisa, one of South Africa’s largest international money transfer providers, has decided to reduce remittance rates by 50% in order to bring relief to diaspora based Zimbabweans who wish to use their service to send cash to their friends and relatives in Zimbabwe.
According to Hello Paisa, the decision to cut remittance rates by 50% was driven by a stagnating economy and potentially irreparable damage done to the living standards of the population’s most vulnerable. Speaking about the recent development, Hello Paisa MD Sayjil Magan said:
A substantial amount of Zimbabwean migrants call South Africa home, and their earnings are a vital source of income for their families. The inability to send money home is a catastrophic circumstance for both our residents and their loved ones. As expenses are a major pain point for all South African residents -now more than ever – it is our mandate to create access to the most cost-effective remittance service.
Zimbabwe is currently facing its own unique hardships economically, and Zimbabweans residing in South Africa are very cognisant of getting support to their family as safely and affordably as possible. As such, we focus on three forms of collection: cash, mobile wallet or bank account transfers, and these cross-border transactions are settled instantly.
If we are to recover from the recession caused by the coronavirus pandemic, fintechs and the private sector alike must adjust our strategies to ensure people’s survival. One of many steps we are taking to alleviate the economic hardships of our customers is to ensure the cheapest and most accessible forms of financial services.
Furthermore, Hello Paisa also introduced a free digital banking solution for its subscribers which will see subscribers having a free bank account they can use to keep their money. Commenting on the solution, Magan said:
…not only are migrants offered a leading money and goods remittance service, but now also a free bank account to save there hard-earned money.
Hello Paisa also has a grocery remittance service branded Malaicha.com and it serves customers in many parts of the country. Subscribers of Malaicha.com can send groceries from South Africa to their friends and family in Zimbabwe and the groceries can be collected from Malaicha collection points in Zimbabwe.-pindual.co.zw
