Zimpost money transfer yields US$300 000

 Zimpost has earned at least US$300 000 in commission from transactions processed under its new money transfer facility, Zipcash

Zimpost has earned at least US$300 000 in commission from transactions processed under its new money transfer facility, Zipcash

POSTAL service company, Zimpost said yesterday it has earned at least US$300 000 in commission from transactions processed under its new money transfer facility, Zipcash, during the period from October to December 2013. The money transfer service, which was launched on October 21 last year, allows Zimbabweans to send money locally and internationally using an electronic platform.

Zimpost acting managing director Mr Douglas Zimbango said the money transfer service was performing reasonably well on the local market.

“On the local market it is working out very well. We have earned close to US$300 000 as commission from local transactions since October when we launched it to December which is quite encouraging,” he said.

Mr Zimbango however said internationally, the money transfer service was only available in one country due to delays in securing approval from various countries the company intended to operate in.

“Internationally it is taking time because the central banks in most countries we intend to deal with are yet to give approval to their Post Offices for us to commence transactions.

“Currently we are dealing with Tanzania only but we are waiting for South Africa and the other countries to approve. But we are hoping all this would be concluded by the end of January.”

Zimpost had indicated last year that it had signed co-operation agreements with countries including South Africa, Botswana and Nigeria, while negotiations with several others were lined up.

The new money transfer service which uses an electronic platform replaced the old money order system which was slow as it required paperwork to move from one post office to the other.

For Post Offices that are not connected to the internet, Zimpost said it would employ the use of a cell phone to conduct transactions.
Zimpost launched the money transfer facility as part of efforts to incorporate the use of ICTs in its operations.

The facility is also a product of a US$3 million computerisation drive that Zimpost has embarked on. —  New Ziana

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  • goto

    good inovation. What are the transaction costs. Ecocash is milking the nation. Lower your rates to get more customers.

  • Tapfumaneyi

    Good initiative, the more competition to drive down costs the merrier. Shame that after all the talks about African Free Trade Areas, there’s still so much red tape involved slowing down implementation of services for the benefit of the people.