THE National Building Society (NBS) last week announced two new partnerships with international money transfer service providers.
The institution has embarked on a strategy to expand its international remittance partnerships.
In a statement, NBS said the deal would provide more convenience to Zimbabweans in the diaspora.
NBS has rolled out remittance services in every branch and agency associated with the society.
The bank has already partnered with WorldRemit, Small World and Senditoo.
NBS head of marketing Mildret Kujinga, said the expansion of its remittance facilities tied in with its diaspora mortgage business.
She said there was need to ensure that beneficiaries have the most secure touchpoints for service, especially senior citizens who have children in the diaspora and who concurrently receive their pension pay-outs through the society.
“According to official figures, diaspora remittances to Zimbabwe rose 43% last year to US$1,43 billion from US$1 billion in 2020.
In this regard, we are pleased to play our part by growing our remittance network and partnering leading international remittance companies,” Kujinga said.
“NBS is geared towards the creation of a one-stop-shop financial powerhouse as it provides Zimbabweans abroad a facility to receive forex.
We have seen a significant amount of the forex going towards servicing housing-related loans,” said Kujinga.
The bank also provides affordable housing schemes.
It also offers deluxe housing schemes for niche clients locally and also for Zimbabweans in the diaspora.
NBS has also partnered a number of companies in the construction value chain that mortgage clients can tap into.
“We recently added Mama Money and Shumba Money, both of which have huge traffic and will help meet the demand for our trusted cash pick-up services.
We are working to bring more partners soon as we ensure diverse remittance choices for our clients.
“And for even more convenience for local remitters, we have a local instant cash transfer service — NBS Instant Cash — that has been exceptionally received within Zimbabwe and through which we serve significant numbers daily as they send or receive foreign currency, at a rate of just 3%,” she said.