Zimbabwe's central bank to fight remittances fraud

Dec 19, 2016

Some fraudsters are stealing bonuses meant to encourage remittances from the diaspora.

The Reserve Bank of Zimbabwe (RBZ) said it is working on mechanisms to curb fraudulent activities, orchestrated by some residents, designed to steal bonuses meant to encourage remittances from the diaspora through official channels.

The incentive was set at five per cent, with two per cent being reserved for the money transfer agent and three per cent reserved for the recipient. RBZ pays the bonus within 48 hours of the money having been sent.

It emerged that some Zimbabweans have been operating syndicates where they use international debit cards such as Mastercard and Visa to withdraw money in regional countries and send it back to themselves through agents such as Mukuru and Western Union, using relatives and friends to earn the remittances bonus.

"We are aware that such fraudulent activities have been happening and we are quite informed that those people involved have not been doing it in far away countries like United States America but they were using countries like Botswana and South Africa, our neighbours," said RBZ deputy director for Financial Markets William Manhimanzi, quoted by The Herald.

He added: "We are monitoring the situation and we are currently working on finding the right mechanisms to curb these fraudulent activities, because that is corruption and something must be done."ADNFCR-2976-ID-801830121-ADNFCR