Zimbabwe’s more understated remittance or money transfer service Access Forex, has announced the launch of a product that will allow those in the diaspora to invest back home. The service is called Paytumi and offers Zimbabweans living abroad direct access to products for building, farming, medical and other projects they may have in mind.
At the launch of the payment service, Access Forex Managing Director, Senziwani Sikhosana said the objective of this more inclusive strategy is to channel migrant remittances towards the savings and investment goals that accompany these flows of money.
“The broader goal Access Forex hopes to achieve with this strategy is to ensure that remittance funds are used for the intended purpose which is to improve the quality of life of recipients, and migrant families living abroad in a sustainable way. People sending money from the diaspora have goals they are trying to achieve, Paytumi will help them do that without the stress of having to deal with middlemen on the Zimbabwe end.”
Senziwani Sikhosana, Access Forex Managing Director
How to get started
As with all online services, there is a registration process involved. Once this has been completed, the platform allows one to complete transactions end to end, from searching for the product, purchasing it, to getting it delivered to your doorstep if needed. The prices for the products and services have been pre-negotiated with the Access Forex merchants.
The first merchant to sign on to Paytumi is Lobels and there are other brands that are also coming on board.
“After seeing the huge success of our “Breakfast-on-Us” campaign in June which saw all-new Access Forex clients receive free delivery of 10 loaves of bread, we realized the investment, value that this commodity brings and so did Lobels”.
“Using Paytumi, you can now control the purchase and supply of bread for your farm workers, employees, business or family in Zimbabwe. The same applies for products and services in building, construction, healthcare and other consumables.”
Senziwani Sikhosana, Access Forex Managing Director
The big business of remittances rolls on
Money transfers had a stellar year last year with the figure exceeding a billion. This year looks to be an even better year because remittances passed the US$700 million mark by the halfway point of this year according to the Ministry of Finance’s mid-term budget review.
This move by Access Forex makes a lot of sense because sending money to a destination is one thing but making sure it’s used for its intended purposes is something else entirely. Stories of diasporans being fleeced out of their hard-earned money are familiar to most.
“By eliminating the middleman in the remittance pipeline and channelling funds directly to the acquisition of property, building materials, small business supplies and other investment instruments, Paytumi allows the money sent to really work for the remitter, in his home country. Those who are fortunate to have a reliable partner in Zimbabwe can still use our basic remittance service which is also available on the same platform.”
Senziwani Sikhosana, Access Forex Managing Director
Paytumi looks like a viable solution if someone wants to build or start a project in Zimbabwe. It takes away the uncertainty that comes with acquiring the various inputs that are needed for an endeavour added to that Access Forex projects that the service will increase both the value and frequency of remittances by more than 60%.
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This is Innovation. Kudos!