TX Money Transfer joins remittance market

TX Money Transfer, launched in Harare today is promising better efficience in money transfers.

"One of the biggest challenges in remittance is ensuring smooth collection, often referred to as the ‘last mile' problem," said executive director, Ms Lucia Chingwaru, during the launch ceremony.

It is common to see queues at collection points or people being turned away as agents will have no cash.

She said the new player is collaborating with existing players in the market to for increased efficiency.

"TX Money Transfer is committed to tackling this issue by partnering with established remittance providers. This collaboration will create a wider network of collection points and improve efficiency for all involved," she said.

Money remittance is one of the biggest sectors of the Zimbabwean economy with the 2023 diaspora inflows totalling US$1,873 billion while personal transfers reached US$2,162 billion according to the Reserve Bank of Zimbabwe.

Intra country hard remittances have also increased over the past few years as the economy has slowly dollarized.

Ecocash and Innbucks dominate the local transfer scene while Old Mutual is still working up an effective footprint for its Omari brand.