ONE of the fastest-growing sectors in Zimbabwe is financial technology, which has led to a rise in the applications and tools that improve international remittances, a major source of incoming liquidity to the country.
With remittances from overseas surging from US$1 billion in 2020 to US$2 billion in 2022, further innovations can be expected to shrink costs, decrease risks, and improve customers’ experience.
The last decade has seen a dramatic rise in technologies and tools supporting global money transfer services.
Today, transfers that could normally take up to several weeks through traditional institutions, can be done in just a few hours.
Many homegrown solutions are also expected as the government, development partners and private sector companies work in unison with finance innovation hubs to accelerate the growth of a knowledge-based and tech-led economy. The Financial Gazette’s news editor Tendai Kamhungira (TK), interviewed WorldRemit director of Anglophone Africa, Darryl Pietersen (DP), on Zimbabwe’s technology and remittance trends.
Below are excerpts from the interview:
Darryl Pietersen
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