RBZ working on measures to deal with remittances fraud

Speaking at The Herald Business organised bond notes awareness campaign in Kariba on Monday, Reserve Bank of Zimbabwe (RBZ) deputy director for Financial Markets William Manhimanzi told delegates that the Central Bank is working on mechanisms to stop fraudulent activities being done by residents using international debit cards to cheat on the diaspora remittances.

The RBZ introduced an incentive set at five percent with two percent being reserved for the money transfer agent and three percent reserved for the recipient. RBZ pays the incentive on the basis of money received and this is within 48 hours of the money having been sent.

Though the margin is small and the practice not widespread, some Zimbabwean residents have been using international debit cards such as Mastercard and Visa to withdraw money in regional countries and send it back to themselves through agents such as Mukuru and Western Union, using relatives and friends to earn the remittances bonus.