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OneMoney Launches OneMoney Remit: Domestic Remittance Service

OneMoney Launches OneMoney Remit: Domestic Remittance Service

NetOne’s mobile money division, OneMoney, last week launched OneMoney Remit which allows customers to send and receive Foreign Currency locally using the OneMoney platform.

OneMoney General Manager, Mr Musunda highlighted that 3% is charged to the sending party. The receiving person does not pay anything. 

OneMoney Remit is coming into the market at 3% which puts them at about what the rest of the market is charging (with a couple of exceptions):

Service Limit The fee of the sent amount (on the sender’s side)
BancABC City Hopper US$250 for non-BancABC customers
US$500 for BancABC customers
Access Forex 3%
Mukuru US$1000 7%
NBS Instant Cash 3%
Steward Remit 2%
MojoMula 5%
OneMoney Remit 3%

OneMoney’s domestic remittance service is only undercut by Steward Bank’s offering but miles behind MojoMula and Mukuru.

OneMoney Remit customers can collect money at any of NetOne’s 40 branches nationwide. Additionally, there are other yet to be named partner collection points.

OneMoney Remit’s competition:

OneMoney Remit might be lagging slightly in terms of outlets but it has something that the others (to the best of my knowledge) don’t have.

With OneMoney Remit, customers can fund USD into their wallets and send it to one or more recipients from your mobile device at any time.

So, essentially you can load US$100 into your OneMoney wallet and send it through to multiple beneficiaries from your mobile device meaning there is no need to queue and fill out multiple forms for separate recipients.

And according to the launch event, users will be able to make transfers from OneMoney’s *111# USSD from wherever they are.

More: TechZim

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