RBZ authorizes 27 money transfer companies

0


[ad_1]

The Chronicle

Dr John Mangudya

Business Writer Prosper Ndlovu
The Reserve Bank of Zimbabwe (RBZ) has licensed 27 money transfer operators as the government strives to harness diaspora resources for economic recovery.

All 27 operators have been given the green light to operate as of this month in accordance with the exchange control guidelines for authorized dealers with limited authority (ADLA).

Estimates indicate that diaspora remittances to the country are around $ 1.7 billion – hovering around $ 2 billion, which is more than 50% of exports per year.

The move reinforces the 2015 Monetary Policy Review Statement presented by Central Bank Governor John Mangudya in February, in which foreign exchange control policy measures on liberalizing the international remittances market in Zimbabwe were stated.

“In accordance with the Governor’s policy statement, Exchange Control wishes to notify the public of the licensing of the following 27 companies as Limited Authority Authorized Resellers (ADLAs) effective June 1, 2015,” RBZ said in an opinion.

Apex Bank has since classified licensed operators into three levels – one, two and three.

The first level includes locally incorporated money transfer operators (MTOs) in partnership with approved international money transfer organizations or using their own systems and authorized to perform inbound and outbound international remittances.

This level has 11 licensed companies that also buy and sell spot currencies.

These include: People’s Savings Bank (POSB), Stanbic Bank Zimbabwe Ltd, Econet Wireless, Express Financial Services, Ecobank Zimbabwe, CABS, Easy Money Transfer Ltd, Send Money Home Ltd, Steward Bank, Coporeti Support Service Pvt Ltd and Zimbabwe Post Pvt Ltd.

The second level is made up of 13 locally incorporated money transfer operators operating as money transfer agencies (MTAs) either in partnership with licensed international money transfer operators or using their own systems to only perform inbound international remittances.

They are: True Value Bureau de Change Pvt Ltd t / a Pacific, Africa Coin Mobile Money Pvt Ltd, Bonga Travel & Financial Services, MetBank Ltd, MBCA Bank, Solten Financial Services, CBZ Bank, Simukai Financial Services, Campion Forex Services t / a Hand2Hand, NMB Bank, OK Zimbabwe Ltd t / a OK Money Wave and Kaah Express Financial Services Pvt Ltd.

The category can also buy and sell spot currencies.

Meanwhile, the third category includes three bureaux de change, locally incorporated financial service providers, which only buy and sell foreign currency for cash.

These are Barnfords Global & Financial Services, Artmount Trading Pvt Ltd t / a Zimexpress and SuperDeal Enterprises Pvt Ltd t / a Kwikforex.

“Limited Authority Authorized Resellers (ADLA) have been approved in terms of Exchange Control Guidelines for Authorized Limited Dealers (ECOGADLA1 / 2015),” RBZ said.

He warned, however, that money transfer and bureau de change companies not listed in the third level (paragraph three) were “not officially recognized by exchange controls and are deemed to operate illegally”.

The RBZ said currency controls remain available to accommodate more license applications to operate as authorized dealers with limited authority.

According to the Central Bank, Zimbabwe received $ 840 million in remittances in 2014 and $ 790 million in 2013 through formal local banking channels.

“This sector is too important to ignore,” Mangudya said during the monetary review presentation.

“To this end, the government and the Reserve Bank are putting in place measures to promote diaspora investments, beyond remittances. “

He said it was essential to meet the investment needs of diasporas through integration into the country’s economic activities.

Diasporas should organize, form consortia and pool resources to invest in different key sectors of the economy such as mining, manufacturing, energy, agriculture, information technology and communication to name a few.

[ad_2]

Leave A Reply

Your email address will not be published.