JOHANNESBURG - Zimbabweans living and working in South Africa have received a shot in the arm with the launch of free mobile transacting and basic insurance services, AMA.ZING Diaspora.
The mobile solution developed by the Zing Group allows people living in South Africa to buy products and pay bills in Zimbabwe using AMA.ZING digital coins paid for in South African Rands.
“We view this product as a game-changer that will not only help realise financial inclusion for emerging markets but also disrupt the current status quo in the financial services and money remittance sector,” says Hebert Banhire, AMA.ZING head of Zimbabwean Diaspora South Africa.
The company data showed that in the formal sector alone, $785 million was remitted from South Africa to Zimbabwe between January and November last year. The average monetary value of these transfers was around R1 200.
“We are incredibly excited about the massive impact this product will have on the day-to-day lives of both those Zimbabweans living in South Africa, as well as those back in Zimbabwe who are so reliant on monetary support from their relatives in South Africa,” Banhire says.
Zing Coins can be bought in the app using a bank card, Snapscan app or Zapper app, or in cash from one of more than 100,000 till points around South Africa, found across a wide range of stores, with PEP and Pick n’ Pay already available.
The company said more stores will be added to the roster soon. It is estimated that 3.5 million Zimbabweans are living in South Africa.
- BUSINESS REPORT