Postal and courier services firm Zimpost says its money transfer service, Zipcash is now available in Lesotho with effect from this month. Launched in 2013, Zipcash is an electronic version of the old money order system and allows Zimbabweans to send cash locally and internationally through any Post Office.
By Shingie Levison Muringi
Zipcash is also active in other countries including South Africa, Botswana, Kenya, Nigeria and Tanzania.“With Zipcash, the money recipient does not get charged any service fees upon collection of the funds.”
Introduction of the money transfer service replaced the old money order system which was slow as it required moving paperwork from one Post Office to the other.
The money transfer facility was launched as part of efforts by Zimpost to incorporate the use of ICTs in its operations, and is a product of the $3 million computerisation drive that Zimpost is implementing.
Zimpost has also said it has plans to take Zipcash to the mobile platform to extend its reach and compete with existing players.
Zipcash rides on an already existing network developed by the Universal Postal Union (UPU).
The UPU, based in Switzerland, is a specialised agency of the United Nations that was created to coordinate postal policies and to organise and improve postal services throughout the world.
Zipcash is also targeted at the Diaspora, whose remittances account for at least 25 percent of all foreign exchange in the country.
Official estimates suggest that Diaspora remittances to Zimbabwe increased to $1 billion last year up from about $800 000 in 2014.