10 per­cent bonus for Tele­cash users

Chronicle (Zimbabwe) - - Business Chronicle - Wal­ter Mswazie

TELECEL Zim­babwe has with im­me­di­ate ef­fect in­tro­duced a 10 per­cent re­mit­tance in­cen­tive to all reg­is­tered Tele­cash users who re­ceive money from the di­as­pora com­mu­nity.

Telecel Zim­babwe mo­bile fi­nan­cial ser­vices head Ms Vi­o­let Ma­sunda said in a state­ment yes­ter­day that the scheme is only ap­pli­ca­ble to Tele­cash users who re­ceive money from out­side the coun­try.

She said per ev­ery trans­ac­tion made, the user will get an ex­tra 10 per­cent in­cen­tive over and above the com­mis­sion al­ready ac­crued by all users.

“Tele­cash has de­cided to of­fer a 10 per­cent in­cen­tive to all reg­is­tered users who re­ceive in­ter­na­tional re­mit­tances from the di­as­pora com­mu­nity to en­cour­age the use of for­mal chan­nels as well as to grow the base of reg­is­tered Tele­cash cus­tomers,” said Ms Ma­sunda.

This, she said, en­cour­ages the use of for­mal chan­nels to re­ceive money from out­side the coun­try.

The ser­vice will also ben­e­fit agents who re­ceive money via world re­mit­tances like Hello Paisa, Mukuru. Com and Mama Money.

“The de­ci­sion to of­fer a 10 per­cent re­mit­tance in­cen­tive is in line with the Gov­ern­ment’s own ef­forts to en­cour­age the use of for­mal chan­nels to re­ceive money from the di­as­pora. Un­reg­is­tered re­cip­i­ents will con­tinue to re­ceive their three per­cent in­cen­tive of­fered by the Re­serve Bank of Zim­babwe (RBZ).

“This is the first of its kind on the mar­ket from a pri­vate lo­cal en­tity other than Gov­ern­ment,” Ms Ma­sunda said.

She said the RBZ had granted Telecel Zim­babwe per­mis­sion to re­ceive in­com­ing in­ter­na­tional re­mit­tances di­rectly into sub­scribers’ Tele­cash wal­lets through money trans­fer agents like Hello Paisa, Mukuru and Mama Money since 2015.

The cen­tral bank also launched a three per­cent in­cen­tive for world re­mit­tances called the Di­as­pora Re­mit­tances In­cen­tives Scheme (DRIS) in Oc­to­ber last year.

This is ex­pected to dis­cour­age Zim­bab­weans from us­ing in­for­mal chan­nels for in­ter­na­tional re­mit­tances and en­sure that for­eign cur­rency flows into the for­mal sec­tor. - @wal­terbm­swazie2

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