Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has promised to investigate why money transfer firm Western Union is failing to disburse full remittances to customers. The governor described the move as an abuse of remittances funds after The Standard highlighted that the firm was experiencing foreign currency challenges. Said Mangudya
We do not keep or touch foreign currency handled by remittance firms…It (giving part remittances) is abuse of remittances funds and thank you for bringing this to my attention, we are going to investigate. I am going to tell my guys from the exchange control tomorrow morning (Friday, October 5) to investigate.
Western Union vice-president of corporate communications of the Middle East, Africa and Asia Pacific Ingrid Sahu said,
Zimbabwe’s current currency shortage presents some unique challenges. In order to continue to serve consumers in Zimbabwe, Western Union provides advance funding to our agents’ banks accounts…seek pay-out at an alternative agent location — Western Union’s service in Zimbabwe is offered across a variety of classes of trade including retail, bank and post with more than 100 Western Union agent locations across Zimbabwe.
More: The Standard
John Panonetsa Mangudya is an economist and the current Reserve Bank of Zimbabwe governor. Mangudya, who sits on many local and international boards .He was made RBZ governor after the expiry of Gideon Gono's term in 2014. He had been CBZ Holdings Ltd Chief Executive... Read More About John Mangudya