Econet’s subsidiary, Sasai Money Transfer, has announced the removal of transfer fees for remittances sent to Zimbabwe from both South Africa and the United Kingdom. This decision has been made in response to the severe drought conditions currently affecting Zimbabwe, with the aim of providing financial relief to Zimbabwean nationals who are sending money back home to support their families.
The drought, which is a result of the El Nino weather phenomenon, has led to a food scarcity crisis, with government estimates indicating that approximately 2.7 million people in Zimbabwe are facing hunger this year, though the actual number may be even higher.
By waiving these fees, Econet is alleviating the financial strain on Zimbabweans living and working abroad, ensuring that more of the funds they send can be used for essential needs rather than being consumed by transaction costs. Typically, international money transfers are subject to fees that can reach up to 15 percent for the sender, and an additional 3 percent is charged to the recipient when they withdraw the money. However, Econet has decided to absorb these costs entirely, ensuring that neither the sender nor the recipient will incur any fees.
A representative from Econet emphasized that this fee waiver is not a temporary promotion but a sustained effort to assist Zimbabweans during this difficult time. The spokesperson clarified that there is no set expiration date for this initiative, addressing concerns that the fee removal might be a short-lived marketing strategy designed to attract new customers before reintroducing charges. Instead, Econet’s commitment to supporting the Zimbabwean community through this fee exemption is portrayed as a genuine act of corporate social responsibility.
Douglas Mboweni, the CEO of Econet, expressed his aspiration that Zimbabweans living abroad will take advantage of the fee waiver on remittances to increase the amount of money they send back home. He highlighted the fact that the majority of remittances to Zimbabwe come from two primary sources: the United Kingdom and South Africa. Econet is able to offer this fee exemption because it operates its own remittance channels through a sister company within the Econet Group, thereby eliminating the need to compensate third-party service providers on these routes.
Mboweni also expressed his hope that Econet’s initiative would set a precedent for other companies that handle remittances to Zimbabwe, encouraging them to lower their fees as well. He emphasized the broader significance of reducing remittance fees for Africa’s economic development, suggesting that lower costs could have a positive impact on the continent’s financial growth and stability.
In addition to promoting more affordable remittances, Mboweni pointed out that Econet’s initiative aligns with the Zimbabwean government’s efforts to increase the flow of diaspora remittances through official channels. This is particularly important for ensuring that funds are received securely and contribute to the formal economy.
Econet’s extensive network of EcoCash agents plays a crucial role in making financial services accessible, even in the most remote rural areas of Zimbabwe. This network minimizes the need for recipients to undertake long journeys to collect cash, as they can receive funds through the EcoCash US dollar wallet. This wallet can be accessed by dialing *153# from an EcoCash registered Econet line, providing a convenient and low-cost option for receiving money.
For those wishing to send money from the UK and South Africa, the process has been made simple with the Sasai Money Transfer App. The app can be downloaded from the Google Play Store for Android users and from the App Store for iOS users, allowing for easy and convenient money transfers directly from their smartphones.
