Registered Telecash international remittance recipients get 10% incentive

Telecel Zimbabwe has announced that it will be giving international remittance recipients a 10% incentive provided they are registered on Telecash.

The scheme which is currently the largest incentive on the market is intended for registered Telecash users who are receiving money from the diaspora. Registered Telecash customers will receive an extra 10% with the money they receive from the diaspora via world remittance agents like Hello Paisa, Mukuru and Mama Money.

"Telecash has decided to offer a 10% incentive to all registered users who receive international remittances from the diaspora community to encourage the use of formal channels as well as to grow the base of registered Telecash customers," said Violet Masunda, Head Mobile Financial Services.

"The decision to offer a 10% incentive is in line with government's own efforts to encourage the use of formal channels to receive money from the diaspora. Unregistered recipients will continue to receive the 3% incentive which is already being offered by the Reserve Bank of Zimbabwe. Telecel's incentive is the first of its kind on the market from a private local entity other than government," explained Masunda.

The RBZ driven 3% incentive for world remittances which is called the Diaspora Remittances Incentives Scheme (DRIS) was launched in October this year and is expected to discourage Zimbabweans from using informal channels for international remittances to ensure that the foreign currency flows into the formal sector.

Telecel Zimbabwe was granted permission last year by RBZ to receive incoming international remittances directly into subscribers' Telecash wallets through money transfer agents like Hello Paisa, Mukuru and Mama Money.