10 percent bonus for Telecash users

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