One of the largest money transfer companies to Zimbabwe, WorldRemit has terminated direct bank transfers to customer bank accounts within the Southern African country.

The company announced that their digital payment platform will no longer facilitate any new outbound transactions to-Zimbabwe with effect from 26 June 2022.

However, other services like cash pickup, mobile money, and airtime remain available.

The company released a statement which reads that it no longer believes it can provide the best quality service in Zimbabwe.

An excerpt reads: “At WorldRemit, we pride ourselves on offering the best possible service to our customers. Sometimes that means removing services where we don’t believe we can provide the best quality service or the widest range of options for you.”

Economist Gift Mugano said, “The unexpected termination of the direct bank transfers for Zimbabwe starting month-end could have to be triggered by the Central Bank’s policy inconstancies.”

Last month the Bank announced its new economic measures that include 4% domestic US$ transfer tax and a 2% Nostro withdraw tax above US$1,000.

The company also terminated its relationship with the state-owned National Building Society (NBS), a wholly-owned subsidiary of the National Security Authority (NSSA), a statutory corporate body mandated by government to provide social security.

Earlier this month WorldRemit halted bank transfers to Uganda, but was quick to point out that customers receiving funds in the country would not be affected by this decision and can continue to receive funds via the WorldRemit service through the company’s existing partner network.

WorldRemit, part of the Zepz Group, currently sends from over 50 countries to recipients in more than 130 countries and operates in more than 5,000 money transfer corridors globally.