A Look At Formal And Informal Remmitance Into Zimbabwe

in HODL3 months ago


Having a few Zimbabwean friends here in South Africa, I often over hear them sending money back home to Zimbabwe through cross border buses, trucks and means that seem to gain their trust which I won't eliminate risks of losing money though but they seem to have it covered as reputation might also be playing a role on which bus or truck drivers are to be trusted based of records of cash delivery to recipients.

The impact on this informal way of remittance as a result of Covid should practically reduce the amount being sent to Zimbabwe due to less or lack of cross border travels.
Apparently Zimbabweans abroad prefer the informal way as it costs less to send money to Zimbabwe and probably lack of documentation etc.

With informal remittance taking a hit due to Covid, could Zimbabweans look at sending money back home formally?
According to Zimbabwe's minister of finance it appears that is the case.

On May 4th Zimbabwe's finance minister, Mthuli Ncube, announced that remittances from the diaspora reached some US$1bn in 2020, compared with US$636m in 2019.

While $1 billion inflows into the country in a year of pandemic when the global economy was shot down might be misleading.
I will like to see Zimbabweans utilizing cryptocurrency in sending money back home.
The volume of cryptocurrency users in Zimbabwe is unclear to me as I have not met any on HIVE and neither on Twitter.

I'd to see that nation embrace cryptocurrency.

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Have been keeping an eye on how the cryptocurrencies will lift off, they appear to start and stop!

Did a quick search and found Zimbabwe use 4 exchanges not sure if any of your friends have looked into any of them Info

Did not catch this a month ago, did you see Ice3

Bumpy ride here there and everywhere, perhaps the truck/bus drivers have special routes to assist those residing here, must be by word of mouth. Sending money via banks is ridiculously expensive. Google "Buy groceries in South Africa and collect in Zimbabwe" some places set up.

Thanks for the link, Kraken happens to be the most used exchange in Zim with 6 million users which is good.

iCE3 told customers that withdrawals from the platform have been disabled, and they will be provided with further details on Wednesday. CoinDesk has reached out to iCE3 seeking more information but did not receive a response by press time.

I missed this and actually don't know about iCE3 exchange, I tend to stick to using Bittrex and Binance which doesn't rule out such possibilities of losing funds and being centralized exchanges too but have lasted in the crypto space than some unknown exchanges.

Very unfortunate on those affected by the iCE3 exchange liquidation, a similar case happened in two exchanges in Turkey last month as well. We've got to be careful which exchanges we hop on to.

Groceries in SA to deliver in Zim, I will be checking it out.

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