CBZ Bank has launched a local remittance service that enables clients to safely send and receive money within Zimbabwe.
Named CBZ Remit, the service caters not only to existing CBZ clients but also to non-CBZ clients without domiciliary accounts. In a statement, the bank said:
To access this service, there are no bureaucratic processes to be followed but customers simply need to produce their national ID or passport in order to send or redeem money.
The charge for sending money is 2 per cent of funds being remitted, with a minimum of US$2 and maximum of US$15; these rates are the lowest in the market.
Over the years, CBZ Bank has partnered with money remittance agents like Western Union, MoneyGram, Mukuru, Express links, Hello Paisa and WorldRemit that CBZ Bank to promote remittance inflow into the country. The bank said:
Accordingly, the services offered by these International Money Transfer Operators remain in place reiterating the Bank’s recognition of the significant role remittance inflows play in driving economic growth.