The statement from World Remit reads as follows:
At WorldRemit, we pride ourselves on offering the best possible service to our customers. Sometimes that means removing services where we don’t believe we can provide the best-quality service or the widest range of options for you.
We’ve decided to remove bank transfers from our service in Zimbabwe. From 29/06/2022, you won’t be able to send money to bank accounts in Zimbabwe.
We do apologise for any inconvenience this causes to yo or your loved ones. The good news is that our other money transfers, including cash pickup, mobile money and airtime, will still be available. Have a look at our website and app for more information.
WorldRemit Customer Care team.
This new change doesn’t affect customers being able to collect cash from World Remit collection points nationwide.
Is World Remit doing Zimbos a favour here?
If you live in the diaspora it is difficult to keep up with Zimbabwe’s financial regulation landscape. For one thing, there is an SI almost every quarter that denotes some massive shift in regulation at a moment’s notice. We saw something similar last month when the government announced its new economic measures which included things like the 4% domestic USD transfer tax and the 2% NOSTRO withdrawal tax above US$1,000.
I have two theories, the first is that World Remit is tired of dealing with the financial regulation gymnastics in Zimbabwe and would rather just let people collect cash because it’s less of a headache for them than dealing with banks and whatever rules they now have to follow.
The second is that World Remit might be cheekily doing Zimbos in the diaspora a favour by delivering whatever money is sent directly as cash. This means that they won’t have to find out what new financial regulations are in effect and secondly, they won’t make the mistake of sending money without knowing if there is a sneaky new tax imposed on the banks in effect.
I’d be curious to know your musings about this move by World Remit and the cancellation of bank transfers.