The Reserve Bank of Zimbabwe (RBZ) has licensed Telecel Zimbabwe to receive international remittances on its mobile money transfer platform, Telecash.
Telecash subscribers will receive the money on their wallets. Telecash was launched in January last year and its subscriber base has reached one million.
Telecel’s head of mobile financial services, Arthur Matsaudza said the new international remittance licence “will have a huge impact on the convenience our Telecash subscribers experience while receiving money from outside our borders”.
It is estimated that over three million Zimbabweans are living outside the country.
Matsaudza said Telecel will work with Mukuru to provide the service to its customers, adding that plans are at an advanced stage to include Western Union as a partner.
“The licence to receive incoming international remittances has been granted to us following Telecel’s compliance with the strict regulations and requirements that are in place to ensure the security of depositors’ funds and to prevent financial crimes, such as money laundering,” he said.
Telecel CEO, Angeline Vere said the network will use partnerships to increase convenience for its customers.
“We are currently in talks with various international remittance partners with key corridors in South Africa, Botswana, UK, Australia and the US among other potential countries,” Vere said.
Mukuru is currently available in South Africa and the UK.