THE NATIONAL Building Society (NBS) has announced two new partnerships with money transfer service providers ‘Shumba Money’ and ‘Mama Money’, as it continues to expand its portfolio of international remittance partners.
In a quest to serve Zimbabweans scattered across the globe and coming in to close the gap as the most convenient partner for foreign currency cash pick up, even in the last mile, NBS is strengthening its remittance footprint and synergies.
The new partnerships – which broaden NBS’ global coverage – are expected to provide more convenience to Zimbabweans in the diaspora as the Society has a natural mandate to bring those in the diaspora closer to home through its diverse housing delivery offering.
NBS has rolled-out remittances services in every branch and agency associated with the Society, ushering benefits beyond convenience. A lot of innovative products can be enjoyed by both remitters and receivers, with an aim of preserving value for the hard-earned foreign currency, which is sure to meaningfully compliment the hard work of Zimbabweans living in the diaspora.
The bank has successful partnerships with WorldRemit, Small World and Senditoo, including new additions Shumba Money and Mama Money.
NBS head of marketing, Ms Mildret Kujinga, said the expansion of its remittances facilities ties in with its diaspora mortgages business; there is need to ensure that beneficiaries have the most secure touchpoints for service, especially senior citizens who have children in diaspora and who concurrently receive their pension pay-outs through the Society.
“According to official figures, diaspora remittances to Zimbabwe rose 43 percent last year to US$1,43 billion, from US$1 billion in 2020. In this regard, we are pleased to play our part by growing our remittance network and partnering leading international remittance companies.
“NBS is geared towards the creation of a one-stop-shop and financial powerhouse as it provides Zimbabweans abroad a facility to receive forex. We have seen a significant amount of the forex going towards servicing housing related loans,” said Ms Kujinga.
At a broader level, NBS is tying its expanding remittances network to its mission of ensuring housing delivery in the country.
Beyond providing affordable housing schemes, the building society also offers deluxe housing schemes for niche clients locally and also for Zimbabweans living in the diaspora.
The bank has also partnered a number of companies in the construction value chain that any mortgages client can tap into to enjoy affordable rates.
“We recently added Mama Money and Shumba Money, both of which have huge traffic and will help meet the demand for our trusted cash pick-up services. We are working to bring more partners soon as we ensure diverse remittances choices for our clients.
“And for even more convenience for local remitters, we have a local instant cash transfer service – NBS Instant Cash – that has been exceptionally received within Zimbabwe and through which we serve significant numbers daily as they send or receive foreign currency, at a rate of just 3 percent,” added Ms Kujinga.