Financial institutions challenged to fill in gap left by World Remit

By Davison Vandira

ECONOMIC analysts have challenged Zimbabwe’s financial institutions to come to the party by offering efficient and effective foreign currency remittance services following the withdrawal of services by World Remit.

Remittances are part of Zimbabwe’s critical sources of foreign currency where the country realised almost US$2 billion in 2021 strengthening the macroeconomic environment.

It is in this context that Economic Analysts believe that Zimbabweans both at home and abroad should develop seamless remittance services to maintain the flow of foreign currency into the economy.

“This is the time for local financial institutions to grab opportunities that are presented on a silver platter when these foreign companies withdraw services hence it is incumbent upon us all to make sure that we have got the right infrastructure,” said Paison Tazvivinga, a development economist.

“Remittances for Zimbabwe are critical and the latest move by World Remit should not bother us at all but should be taken as a good opportunity for our local institutions to close this gap and increase their business and profitability,” said Titus Mukove an economist.

Developing economies across the globe are relying on diaspora remittances to strengthen the growth of their countries and Zimbabwe is leveraging on such financial sources to achieve its economic goals in pursuit of Vision 2030.