Zimbabwe licenses 27 Money transfer firms

THE Reserve Bank of Zimbabwe (RBZ) has licensed 27 companies as Authorised Dealers with Limited Authority (ADLA) in line with the country’s exchange control policy measures.

In a statement, RBZ governor John Mangudya said space remained available to accommodate more aspiring applicants for licenses to operate with limited authority.

“Reference is made to January 2015 Monetary Policy Review Statement announced by the governor in February 2015, in which exchange control policy measures on the liberalisation on international remittances market in Zimbabwe were enunciated. Pursuant to the governor’s policy enunciation, exchange control would like to inform the public on the, licensing of the following 27 companies as Authorized Dealers with Limited Authority (ADLA) effective from June 1 2015,” reads the statement in part.

According to the statement, the authorised dealers with limited authority are categorised in a three-tier system in order to enhance monitoring and accounting of international remittances as well as mitigating against money laundering and terrorist financing.

“Tier one is comprised of locally incorporated money transfer operators (MTOs) partnering with approved international MTOs or use own systems and permitted to carry out both inward and outward international remittances. This tier also buys and sells foreign exchange on a spot basis.

“Tier two is comprised of locally incorporated MTOs operating as money transfer agencies (MTAs) either partnering with approved international money transfer operators or use own system to carry out inward international remittances only, as well as buy and sell foreign exchange on a spot basis.

“Tier three is comprised of Bureau de change-locally incorporated financial services providers which only buy and sell foreign currency on a spot basis,” reads the statement.

The licensed dealers which were licensed on tier one include Peoples Own Savings Bank, Stanbic Bank Zimbabwe, Econet Wireless, Express Financial Services, Ecobank Zimbabwe, Central African Building Society, Easylink Money Transfer, Send Money Home, Steward Bank, Corporeti Support Service and Zimbabwe Post pvt Ltd.

Tier two includes True Value Bureau de Change, Africa Coin Mobile Money, Bonga Travel and Financial Services, MetBank, MBCA Bank, Solten Financial Services, Fredex Financial Services, CBZ Bank, Simukai Financial Services, Campion Forex Services T/A Hand2Hand, NMB Bank, OK Zimbabwe Ltd T/A OK Money Wave and Kaah Express Financial Services.

Tier three companies include Barnfords Global and Financial Services, Artmount Trading Pvt Ltd T/A Kwikforex.

SOURCE:NEWSDAY