CBZ ups stakes in remittances business space

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  • Success of partnerships with other MTAs led to the new development
  • Services will be available to both CBZ customers and non-customers

Harare – CBZ Bank has introduced its first Money Transfer Centre for the collection of funds remitted from abroad in a bid to bring convenience to their customers when collecting this money.

Peter Zimunya, the CBZ Bank Managing Director said it is crucial for the bank to establish and grow strategic partnerships that will help the Bank tap into various market segments such as the diaspora market which is in line with its vision “To be the preferred provider of financial solutions in Zimbabwe, with a global reach”.

The Bank has over the past couple of years entered into strategic partnerships with money transfer agencies that include Western Union, World Remit, MoneyGram, Mukuru, HelloPaisa and Xpresslinks.

These partnerships, according to Mr Zimunya have been successful and as a result, CBZ decided to augment the service by establishing a dedicated Money Transfer Centre at its Robert Mugabe branch.

According to the Divisional Director Retail Banking, Dedrey Mutimutema, the launch is in line with the bank’s thrust to provide fast and reliable service not only to its customers but the nation at large.

“‘We looked at the foreign remittances space and realised the amount of time people are spending in queues to collect their funds and a decision was made to intervene by coming up with an exclusive centre to facilitate ease of collection of funds. The service will however still be available at all CBZ Bank branches to increase convenience”, he said.

Mutimutema also said, the level of customer experience which the bank has pitched at world-class level is what differentiates the CBZ MTA Centre from others.

“This is to ensure that our customers will enjoy dedicated remittance business and refer friends and family to use the same facility. The Bank will be rolling out similar initiatives in other major urban centres around the country”, he added.

Services will be available to both CBZ customers and non-customers and the Centre will operate from 0800hours to 1500hours Monday to Friday, and 0800hours to 1130hours on Saturdays.

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