Written by Access AdminOctober 25, 2020

Zimbabwe’s financially excluded find a home

Zimbabwe’s financially excluded find a home

Previously marginalized informal players in Zimbabwe are finally feeling a glimmer of hope at the prospect of financial inclusion.

Small to Medium Entrepreneurs (SMEs) have expressed optimism that the exclusion gap could soon become a thing of the past as Access Forex, a local remittances firm, has placed its hands-on deck playing its part in driving the financial inclusion agenda.

This drive is aimed at achieving the United Nations’ global Sustainable Development Goals (SDGs) 2030, specifically SDG 8 and 10 which seek to promote sustained, inclusive, and sustainable economic growth while reducing inequalities.

Financial exclusion has been dominant in third world countries as self-sustained entrepreneurs in the informal sector have faced challenges around finding robust financial solutions without exclusionary checklists.

To worsen the already existing problem, the global pandemic, Covid-19, has plunged the world into an economic crisis that, unfortunately, did not spare the informal market that has traditionally relied on informal channels to transact.

Worryingly, the global scourge was worsened by an extensive carnage on the job market bleeding economic and social spheres.

Being in the remittances business, Access Forex strives to identify with the struggles that were birthed by financial marginalization and has prioritized responding to the call to make the crisis lighter especially on hardworking migrants, local SMEs and the remittances beneficiaries.

Violet Mutemachani, a 42-year-old Mbare-based entrepreneur who operates from Siyaso Market could not hide her joy as she narrated how her business has found a home with Access Forex.

Mutemachani gets raw materials from suppliers in Mutare, a city 263 kilometers outside Zimbabwe’s capital, and uses the metal to make various essentials that range from baking tins, watering kettles, bathing basins and others.

“We have really struggled to send and receive money. Lately cash has been scarce, and, in some instances, we have been forced to send money with bus drivers. It was slow and involved a lot of risks,” Mutemachani said.

She also explained that informal channels of sending money were unpredictable.

“Sometimes the bus drivers would hike the sending fee when they got to the receiver and this was unsustainable for business. The other time a driver lied to me that the money had been lost and I lost my entire capital,” she said.

Bolden Mbeve Bizariero (29), who also operates from the same area as Mutemachani said the emergence of new players like Access Forex in the remittances play had significantly eased the burden of sending money across the country.

“Since I started using Access Forex, life for me has been simpler. The convenience that comes with knowing that I can send money instantly to my foreman in Bulawayo for him to receive the cash instantly has been unmatched,” Bizariero said.

Access Forex has a mandate to deliver solutions to Zimbabwe’s unbanked populace.

Already, the firm offers cash transfer services, a product driven by market demands.

Priority to serve has also been given to Zimbabweans living the Diaspora, especially those living in the United Kingdom and South Africa for them to send money back home at affordable rates.

Financial inclusion is indeed everyone’s responsibility and it is also complimenting the Government and United Nation’s efforts through sustainable development goals.

Research shows that countries pushing the financial inclusion agenda — which encompasses access to affordable, appropriate financial services — have achieved stronger GDP growth rates and lower income inequality.

For Access Forex, driving financial inclusion goes beyond the bottom line, its aim is to focus on ushering economic empowerment, equality, and access to financial products regardless of gender, social status, or race.

Authors: Mildret Kujinga, Ndakaziva Majaka

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Written by Access AdminJune 16, 2020

Celebrating Sending Money Home on International Day of Family Remittances

Every year on the 16th of June the International Day of Family Remittance is celebrated. The main objective of this day is to show the effect of remittance on families and their countries of origin.

What is Remittance?
This refers to money that is sent or transferred to another party. The term is derived from the word remit, which means to send back.
Remittance is not only limited to personal money but can also include business or service payments. One in seven people in the world is either sending or receiving money with an estimate of 800 million benefits from the remittance

How does Remittance Work?
Remittance services are usually used by migrants in need of a service that is focused on sending money with better exchange rates and implement the same security measures as traditional financial institutions. The sender usually goes to the office or use their online website or app to send money by filling their personal information and the beneficiary’s data. It usually takes minutes to complete.

Zimbabwe is one of the top five beneficiaries of remittances in Africa for the year 2019. Data provided by data.worldbank shows that in 2019 Zimbabwe received $1.8bn in remittance. Diaspora remittance aids the country in having much needed foreign currency for the importation of essential products and services while contributing to the nation’s Gross Domestic Product (GDP)

IFAD has stated that between 2015 and 2030 (the SDG timeframe), an estimated US$8.5 trillion will be sent by migrants back to their communities of origin in developing countries. Of that amount, more than US$2 billion will either be saved or invested. Zimbabweans abroad totaling over 3 million can aid in reducing poverty, hunger, and providing opportunities to quality education and economic growth.

How Zimbabweans are benefiting from remittance:
1. It allows the benefiting family to have access to better education, food, healthcare while improving their livelihood.
2. It improves our country’s per capita income and GDP
3. It provides peace of mind to the sender as they have knowledge of how the recipient is going to receive money and when.

It’s also important to note that in light of the global pandemic with more people not employed there is a slight decrease in money being sent home as the rate may not be as high pre-covid19. Remittances can be costly to send with the global average being seven percent of the amount sent and with that in mind as more and more families in Zimbabwe depend on remittance to survive we as Access Forex ensures that your loved ones can send money home at a favorable rate and paying out in USD cash guaranteed at all our registered agents in our growing network across the country

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