NetOne launches local forex remittance platform

State owned mobile network operator NetOne has launched a money transfer service, OneMoney Remit, which will enable locals to send foreign currency across the country.

OneMoney Remit was launched by Information Communication Technology, Postal and Courier Services Minister Dr Jenfan Muswere in Harare on Friday.

Minister Muswere said OneMoney Remit was a positive development in line with President Mnangagwa's vision to bridge the digital divide between urban and rural .

 His Excellency, the President identified national goals that are aimed at stimulating growth, he said. Some of the key goals are facilitating universal access to ICTs by 2030 and developing an upper middle income economy by 2030.

 Our coming here today (Friday) is in alignment with His Excellency's vision.

Minister Muswere said the Government was determined to drive a digital economy to improve the livelihoods of all Zimbabweans, regardless of location.

 Access to ICTs is poised to have a more profound impact on developing smart economies, he said. Smart financial services are now at the door step of every Zimbabwean.

 My Ministry will ensure that all citizens are given the convenience that they deserve through ICT driven financial services that deliver upon the promise of innovation.

The National Development Strategy 1 (NDS 1), a five-year economic blueprint running from 2021-2025, seeks to provide ICTs and digital access at village level.

In support of NDS 1, the Government's core business is to ensure the connection of all citizens that are unconnected.

Minister Muswere said OneMoney Remit will facilitate forex domestic remittances, from city to city, city to rural, anywhere and everywhere electronically through mobile devices.

 "Our mandate is to fully facilitate ubiquitous connectivity through the provision of infrastructure and support systems, " he said. Towards achieving this same goal, today we compliment NetOne for answering the call through the provision of mobile financial services.

 Financial services are a key enabler of economic activity. In the transport sector they talk of a road as an economy, in ICT we believe that OneMoney Remit is an economy.

 Often, funds would find their way into our outlying towns and villages through the use of undocumented and unquantifiable means. Cyclists, bus drivers and their conductors have made themselves quasi-bankers and money transfer agents as they transport these funds to their final destination.

It is expected that OneMoney Remit will see foreign currency moving back into the formal sector, as well as ensure that the transacting public does so through secure means.

NetOne board chair, Mrs Susan Mutangadura, said they were keen to ensure financial inclusion through the use of information technologies.

 It is without doubt that indeed information communication technology is at the backbone of the new normal, she said. Our being here today is a testimony of our commitment towards fulfilling the mandate of the Ministry of ICT Postal and Courier Services, to improve access to ICTs at village level.

Recently, NetOne launched a project that will see an increase in the company's footprint through the installation of 345 base stations.

Mrs Mutangadura said they were grateful to the Second Republic for facilitating funding for network expansion projects.

The sender is charged 3 percent of the amount being sent and recipients get all the money sent.

Director Exchange Control, Mr Farai Masendu, said the product was being launched at a time the Reserve Bank of Zimbabwe was working on bringing financial bridges.