ZIMPOST says it transacted US$3.2 million in international money transfers last year on the back of partnerships with non-postal international money transfer companies.
The acting managing director for Zimpost Sifundo Moyo said the company was exchanging electronic money transfers with postal operators in the region and beyond. He said the postal concern pays out US$4 million as pension payment to beneficiaries on behalf of pension companies annually.
Zimpost is currently playing in the financial services space. In the international remittances market, Zimpost exchanges electronic money transfers with postal operators in Botswana, South Africa, Lesotho, Malawi, Tanzania, Kenya, Nigeria, Uganda and United Arab Emirates.
“In the year 2014, the Reserve Bank of Zimbabwe issued Zimpost with an ADLA license allowing the company to partner with non-postal international money transfer companies. Our partners currently include Mukuru, Western Union, Hello Paisa, World Remit and Money Gram. In 2016 Zimpost handled international money transfers worth US$3.2m,” said Moyo.
Moyo added its agency banking concept had found favor with banks and this will aid the central bank’s national financial inclusion strategy for Zimbabwe.
He said there was need for the organization to modernize and upgrade its infrastructure to enable the company to fully offer e-commerce, e-government services and migrate the bulk of its services to the electronic platforms.
Currently 84 percent of the post office sites are connected to the internet and the remaining 16 percent use the call centre.
Moyo said the company which has interests in the logistics and real estate sectors would benefit from the financial payment systems it was putting in place.
“While we are seeing great potential in the real estate business that our Post Properties subsidiary is pursuing, there are equally great opportunities in the logistics and e-commerce areas that provide expansion growth window for Zimpost and its logistics and courier services subsidiary Courier Connect. This window of opportunity leverages on the robustness of the financial payment system in application first, among other requirement”.