New alliance targets Zimbabwe’s billion-dollar remittance market

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By agencies

Remittances are back in the headlines with news of a recently announced partnership targeting Zimbabweans who want to transfer remittances from the UK to South Africa and Zimbabwe.

Sasai Remit, described as one of Africa’s leading digital money transfer providers and a company of Cassava Technologies, a leading pan-African technology group, has announced a partnership with Qoki Zindlovukazi, a networking and empowerment organization women based in the UK.

The partners say this alliance has enabled the two organizations to enable thousands of Zimbabweans to use a safe and secure fintech platform to seamlessly transfer funds to family and friends in South Africa and Zimbabwe. .

Sasai describes itself as “Africa’s first integrated social payments and digital marketplace platform” and says it is “featured by Sasai Fintech, a diversified Fintech group, with a mission to improve the overall quality of life by providing access to social and financial services through technology”.

The two companies say the partnership should facilitate faster, easier and more secure cross-border payments for Qoki members when sending money and making payments in Zimbabwe or South Africa. According to them, it will also provide an effective and convenient alternative to traditional methods of managing remittances.

Statistics from the Reserve Bank of Zimbabwe show that remittances from the diaspora have increased from around US$1 billion in 2020 to US$1.4 billion in 2021 as the country hit an all-time high of foreign exchange inflows of US$9.7 billion during this period.

Sithule Tshuma, who founded Qoki to bring together Zimbabwean women from the Matabeleland and Midlands diaspora and invest in them, says: “Partnering with Sasai Remit makes it easy for our members living in different countries overseas to send money to their families. They no longer need to wait for hours at the agency offices as the mobile app completes the transfer instantly.

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