Editor: Jason “The Bok” Date – 01 Oct 2018
I had to opportunity to meet up with Mr Herbert Banhire, the Head of Zimbabwe Diaspora in South Africa at Zing SA (Pty) Ltd and discuss how Diaspora is aiming to assist millions of individuals excluded from the formal economy to get one step closer to financial inclusion.
What is Diaspora?
The solution, developed by the Zing Group, enables people living in South Africa to buy products and pay bills in Zimbabwe using AMA.ZING digital coins paid for in South African Rands.
With the formal sector alone, $785 million was remitted from SA to Zimbabwe between January and November 2017. “The average monetary value of these transfers was around R1 200. And while there are many money transfer businesses available, the cost of using these services in South Africa is very expensive, with official average fees reported at 16.71%. The reality on the ground, however, is closer to between 20% and 40% of the total transfer of money being remitted across the border.”
The Diaspora solution comes in the form of the AMA.ZING mobile app, which users can download for free. They then purchase US$-linked AMA.ZING Coins, either by cash or by bank account, and redeem these coins against purchases or bills which need to be paid in Zimbabwe. All users qualify to receive free life cover rewards as well as CashBack rewards.
In order to fully understand its power and ease of use, it is downloaded and setup within under 90-seconds and well worth discovering the power of Diaspora.