ZIMPOST RAKES IN $1 MILLION FROM MONEY TRANSFERS | State Owned postal, communication and financial services company, Zimpost, managed to transact almost $1 million through the international money transfer service — Zipcash — in the first half of the year, an official has said.
Zimpost acting managing director, Sifundo Moyo told NewsDay that Zipcash, established in 2013, was poised for growth.
“Zimpost managed to transact almost a million dollars through the international money transfer service —Zipcash. Zimpost is also an agent for other international money transfer partners such as Mukuru, World Remit, Money Gram, Hello Paisa and Western Union,” he said.
“While our market share is still low on money transfers, we are currently working on introducing innovative solutions to improve money transfer services.”
Currently, the company is transacting with countries such as Lesotho, South Africa, Botswana, Kenya, Nigeria and Tanzania, using the service.
Moyo said Zimpost was working to be the next generation post office that would deliver world-class services to Zimbabwe.
The organisation is currently upgrading its front office system to ensure that the company moves with the times in terms of new ways of doing business in this digital era, he said.
“Plans to launch the new digitalised Zimpost before year-end are also underway,” Moyo said.
He said working capital continues to be one of the major challenges their business is facing.
“In order to ensure growth, the business requires an injection of working capital. Our management is exploring ways that will ensure the business has the required working capital,” Moyo said.
Recently, Zimpost projected to generate over $22 million revenue this year, down from 39% compared to 2015 figures, as liquidity crisis continue biting.