HARARE – Econet subsidiary Sasai Money Transfer says it has scrapped fees on money transfers to Zimbabwe from South Africa and the United Kingdom to help Zimbabweans mitigate the effects of drought.

The telecoms company says it is lifting the burden on Zimbabweans working abroad who will be supporting their families with remittances as the country battles the El Nino-induced drought. The government has estimated that 2.7 million people will go hungry this year, although the real number could be higher.

Econet said it was “completely eliminating the cost to both sender and receiver”. A spokesman told ZimLive that the waiver was “not time bound”, dismissing fears that it was a marketing gimmick which would be discontinued after the company has picked up new customers.

International remittances attract a charge of up to 15 percent for the sender, while the receiver is charged 3 percent when cashing-out.

“We hope Zimbabweans in the diaspora will use the savings to send more money home to their families,” Econet CEO Douglas Mboweni said.

“The majority of remittances to Zimbabwe are conducted through these two main corridors (the UK and South Africa). We don’t have to pay any third parties on those corridors, because we rely on a sister company in the group, which agreed to help out.”

Mboweni said he hopes the move by Econet will encourage other companies facilitating remittances into Zimbabwe to reduce their fees, noting that it was time that remittances into Africa in general were brought down “to assist with the continent’s economic development agenda”.

Mboweni  added  that the initiative was in support of government efforts to increase diaspora remittances coming into the country through formal channels.

Econet’s extensive EcoCash agent network ensures that even people in remote rural areas have access to low-cost financial services, reducing the need for recipients to travel long distances to collect cash.

Econet said remittance transfers will be facilitated through the EcoCash US dollar wallet, which is accessible by dialling *153# on an EcoCash registered Econet line.

Senders in the UK and South Africa can access Sasai Money Transfer by downloading the Sasai Money Transfer App on the Google Play Store and on the App Store.