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Mr Chawawa

Business Reporter
Online financial services aggregation startup, ZimSelector.com which was launched recently, is set to boost Diaspora remittances into the country.

Although many Zimbabweans currently reside in several countries across the globe, Diaspora remittances into the country have been rather low.

But ZimSelector.com marketing executive Mr Falot Chawawa said the novel platform will facilitate the financial inclusion of the diaspora community and boost their contribution to the local economy.

“It answers to the constituency of Zimbabweans outside the country who are now financially included in the services offered by financial firms in this country.

“It also comes at a very important time in the country as the country needs as much financial inflows as possible, particularly from the diaspora. The platform allows Zimbabweans from where ever they may be based across the world to go online and look at the array of Zimbabwean financial products that are available,” he said.

The use of technology in boosting financial inclusion in Zimbabwe has been previously encouraged by the Reserve Bank of Zimbabwe.

In his Monetary Policy Statement in January, RBZ governor Dr John Mangudya said: “Providers of financial services are urged to continue embracing technology so as to reach out to marginalised communities.”

According to Mr Chawawa, ZimSelector.com skates a number of barriers that typically hinder Zimbabweans based abroad to send money or invest back home.

“This platform fits in with the strategy of the Reserve Bank. For instance a person that is abroad might not be willing because of distance to send money home because it may be spent unwisely or might go missing, so because of that it becomes a barrier to financial inflows.

“This platform has removed that barrier as people can directly transact from where ever they are in the world,” he said.

ZimSelector.com is the first comprehensive online financial services shopping mall and comparison site that offers a wide range of financial packages from different companies for local and foreign-based Zimbabweans.

The online financial services aggregator was founded by former Old Mutual boss Mr Luke Ngwerume.

ZimSelector.com has partnered with financial service providers including: CABS, CBZ, Cimas, NicozDiamond, Fidelity Life, Old Mutual and Zimnat.

Therefore in addition to banking services, one can also access vehicle insurance, home insurance, travel insurance, medical insurance and mortgages through the platform.

Mr Chawawa said they are currently in engagement with a number of other local financial service providers to bring them onto their network.