NMB Bank has partnered with global money transfer agents WorldRemit and Small World Financial Services to provide further options for Zimbabweans wanting to receive money from other countries.
The bank has been a MoneyGram agent for many years. It is now also a WorldRemit and Small World agent. As from today (Friday, June 1), anyone receiving money from WorldRemit or Small World will be able to collect their money from any NMB branch countrywide.
The money will be paid to them in cash in United States dollars or, if they prefer, in another international currency, such as the rand, pound sterling or euro. The service is available to anyone, NMB customers, and non-customers alike.
WorldRemit is a global online remittance service based in the United Kingdom (UK), with its African office in South Africa. It allows people to send money to friends and family abroad using a computer, smartphone or tablet. Once the money has been sent, it becomes immediately available in Zimbabwe.
Small World, which is also UK-based, with its office for Africa in Kenya, also enables people to send money abroad instantly. It has partnerships throughout the world.
NMB Bank international banking head Crispen Mukamba said the new partnerships were intended to increase the options people had for receiving money from relatives and friends in other countries.
“We have already put in place strategies to overcome any challenges that might be caused by the cash situation in the country.
“The facility is prefunded, so we can guarantee cash for anyone who comes to any of our branches to collect funds sent via WorldRemit or Small World,” Mr. Mukamba said.
He added that these partnerships with WorldRemit and Small World worked well with NMB Bank’s financial inclusion drive.
“We will continue to introduce products that speak to this market to give them a full range of banking services,” Mr. Mukamba said.
Money received via WorldRemit or Small World at NMB Bank can be received as cash or be transferred into an NMB customer’s bank account as a foreign currency deposit for later use when, for instance, traveling abroad.
About WorldRemit founder & CEO Ismail Ahmed
Ismail Ahmed, born in Somaliland, Africa, was an advisor to the United Nations, where he helped companies comply with tough new money transfer regulations introduced after the 9/11 terrorist attacks. He uncovered widespread corruption within their remittance project and later became a whistleblower when he exposed this corruption. He later founded WorldRemit to create a safe, accessible way for people to send money to their loved ones abroad.
In 2010, Ismail founded WorldRemit, a remittance and money transfer app that is using technology to connect millions of people around the world to their loved ones abroad. Backed by VCs like Accel Partners and TCV, WorldRemit is available in over 50 countries to send and 125 receive countries, making it one of the largest providers of money transfer technology in the world.
WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet. It is a convenient, low-cost alternative to traditional money transfer companies that use high street agents and charge high fees. Money can be received as a bank deposit, cash pick-up, Mobile Money, or mobile airtime top-up. WorldRemit’s service is available to senders in 50 countries. We offer transfers to more than 120 destinations across Europe, Asia, Africa, Australia, and the Americas.