Adult local remittances drop drastically: Report

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HARARE – Remittances have dropped over the years, from 58 percent of adults remitting in 2014 to 38 percent in 2022, says the Reserve Bank of Zimbabwe (RBZ).

RBZ’s 2022 FinScope MSME and Consumer Survey Results show that the drop has been mainly in domestic remittances.

By definition, domestic remittance refers to a settlement mode in which the payer remits money to the payee through the Bank. Through the remittance transaction, the money in the customer’s fund account can be transferred to settlement accounts such as intra- and inter-city bank cards in our bank or other banks.

Those who have remitted mainly used other formal channels, according to the report. This comes as there has been an increase in armed robberies, and the formal channels have proved to be secure and convenient.

“Cross border remittances have increased but domestic remittances have drastically reduced,” reads the report.

“Almost half of the adults have remitted money locally to their loved ones compared to 2014. Could it be the impact of Covid-19 on livelihoods, low incomes or non-operation of mobile money agents.”

Domestic remittances, or money sent to family members or friends within Zimbabwe, are an important component of the economy and one of the most widely used financial services by Zimbabweans.

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