OK Zimbabwe moves R22 million from South Africa

OK Zimbabwe has handled over R22 million through its mobile money transfer service, FNB Zimbabwe Money Transfer, since the launch of its facility targeting Zimbabweans working in South Africa.

The retailer's CE Willard Zireva claims that the facility is a strategic growth area that enables the group to tap into Zimbabweans living in South Africa.

OK Zimbabwe will tap into an estimated US$800 million remitted by Zimbabweans from South Africa every year. Over ZAR22 million has been remitted since inception.

A research by the FNB last year indicated that about two million Zimbabweans in South Africa remit an estimated R6,7 billion ($620 million) a year, but a fifth of it is spent on transfer costs.