Q

Will non-resident Zimbabweans sending funds from the Diaspora be required to disclose the source of their remittances?

A

Neither the Reserve Bank nor the local MTA will be allowed to raise questions with regard to the source of the funds. This information will remain strictly confidential to the sender and the beneficiary.

Q

Will the new system be accessible to beneficiaries in the rural and remote areas of Zimbabwe?

A

Local money transfer agencies are required to establish wide branch networks, to cater for all intended beneficiaries, irrespective of location.

Q

What criteria is used by the Reserve Bank in licensing the local MTAs?

A

The Reserve Bank will only license MTAs with the following attributes
· Wide branch network
· Proven track recorded in MTA or financial service sector
· Adequately funded
· Qualified staff or officers
· Appropriate security for depositors' funds
· Legally registered in terms of the laws of Zimbabwe
· Linked to reputable international partners
· Meet the Capital requirements

Q

What assurance do we have that the government will not make itself the sole beneficiary of our hard- earned foreign currency?

A

The role of the Reserve Bank will be limited to the overall oversight of the money transfer arrangement to ensure that MTAs do not engage in risky business that will prejudice non -resident Zimbabwe and beneficiaries at home.