BANCABC Zimbabwe, a local banking subsidiary of the Pan African group, Atlas Mara, has launched a domestic remittance service that will allow clients to send foreign currency between cities across the country.
The remittance service, which is called “City Hopper” was launched in Harare last Friday and is available across all the bank’s 18 branches countrywide and BancABC kiosks in Pick n Pay supermarkets.
In a statement, BancABC Zimbabwe said the City Hopper Service was a smart local remittance service, which allows customers, including non-account holders, to send foreign currency throughout the country instantly.
“The service is available at all BancABC branches countrywide and through the BancABC kiosks in Pick n Pay stores beginning with the Pick n Pay Aspindale store in which the bank already has a presence,” said the bank.
“Plans are at an advanced stage to open the service up to all Pick n Pay stores nationwide to increase the collection points across the country,” it said.
Speaking at the launch of the product, BancABC chief executive officer Dr Lance Mambondiani said: “We are launching the City Hopper — a domestic remittance service to address the nationwide challenge of sending foreign currency across the country for the wider public or for those who want to support their families or pay for goods and services and other business activities in foreign currency.”
He said with the stabilisation of the foreign currency market in the last few weeks, banks have an important role to play as intermediaries and custodians of trusted platforms.
“This service offers the safest and quickest way to transfer foreign currency across cities and will address the problem faced by all Zimbabweans in moving money across towns.
“We are excited to be taking banking to the communities which we operate in together, working with our various partners with extensive reach across the country,” said Dr Mambondiani.
Under the new service, any person can walk into a BancABC branch and transfer as little as US$10. The City Hopper service is expected to increase the transfer of funds through the formal channels similar to the international remittances, which use platforms such as World Remit, Western Union or MoneyGram.
The service will provide much needed relief in the movement of United States dollars across the country especially for the unbanked population who have difficulties sending or receiving US$ for some essential services demanding foreign currency payments from some service payments