National Building Society (SNB) joined the remittance game by launching a competitor to BancABC’s City Hopper called Instant Cash. The remittance space has been something of a cash cow lately. Last year, total funds received in Zimbabwe amounted to just over US$1 billion. This was after there were projections that it would decline by up to 20% due to the pandemic.
On the home front, there were no “cheap” options until BancABC came into the picture with its 3% City Hopper. The alternatives back then were Mukuru which charges 7% or you could try your luck with a runner. NBS’s entry brings another player into the market and that’s a good thing, especially in this era of dollarization 2.0 that we live in.
“In addition to working with international money transfer agencies like Senditoo and WorldRemit, the construction company has added an exciting local money transfer product, NBS Instant Cash, to provide world-class remittance services. funds”
Mildret Kujinga, NBS Marketing Manager
How does NBS Instant Cash compare to others?
Unfortunately, during the launch event, there was no mention of what the loadouts were going to be. However, there is a $10.00 minimum if you want to send money to someone where NBS is present. To send money via Instant Cash from NBS, you’ll need your ID and the recipient’s details.
To increase coverage, the National Building Society is set to roll out more outlets or kiosks across Zimbabwe.
You can watch the full launch event with the link below:
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