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
|NBS Instant Cash||–||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:
- Access Forex has ZimPost as a partner for its domestic and international money transfers.
- MojoMula has a partnership with OK Zimbabwe.
- BancABC has a partnership with Pick’n’Pay.
- Mukuru has partnerships with Spar, ZB, NMB, CBZ, POSB, OK Zimbabwe, BancABC, N. Richards, Spar, Metro Peech and its Orange Booths dotted across Zimbabwe.
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.
- MojoMula, the newest city to city money transfer service
- BancABC’s City Hopper has processed over US$10 mil in a year
- Steward Bank’s new local remittance service is charging 2%!
- NBS launches “Instant Cash” domestic remittance service