July 7

The Battle for a Share of Zimbabwe’s Billion Dollar Remittance Industry

By Tawanda Karombo

The scramble is on for Zimbabwe’s billion dollar remittance industry with local and international fintech institutions vying for a share of the pie against legacy banks and traditional money transfer agencies.

Diaspora remittances to Zimbabwe surged from $1 billion in 2020 to $1.4 billion last year. This mirrors the continent-wide significance of contributions by diaspora Africans to national development and sustaining family and friends back home. World Bank data shows that remittance inflows to sub-Saharan Africa grew in 2021 by 6.2% to $45 billion against a projected 5.5% this year due to economic recovery in US and Europe.

Photo courtesy of Kay McGowan / USAID.

Source: Quartz Africa (link opens in a new window)

financial inclusion, fintech, remittances