Forex product to spur remittances
In the mid-term budget review, the Ministry of Finance indicated that remittance flows to Zimbabwe had reached US$700 million in the first-half of the year with analysts expecting them to surpass the US$1 billion mark by year end. Most funds are sent for basic upkeep of relatives and loved ones but there is a growing desire by Zimbabweans living in the diaspora to do more than just send money for school fees and basic groceries.
Studies by University of Warwick, Researchgate and other institutes reveal that one of the largest barriers to larger remittance amounts geared to sustainable inflows between the diaspora and Africa are the trust issues that exist between the sender and the receiver.
The traditional remittance process requires the sender to have a middleman, usually a relative or friend in the receiving country.
Through a product called Paytumi, money transfer company Access Forex has created an ecosystem of products and services which promote investment focused remittances for people living in the diaspora while simultaneously providing direct access to this market for Zimbabwean businesses looking to tap into the diaspora market.
Access Forex says talking to its clients helped understand that the person sending money home every month is really looking for more than just money transfers.
Through Paytumi, Access Forex says it now has a solution that gives remitters access to real financial freedom by helping them achieve long-term financial and investment goals like building a retirement home, starting a business or ensuring loved ones have adequate healthcare in Zimbabwe.-herald.clz.w
