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Zimbabwe bells for the Adoption of Digital Moolah in Remittances
Posted On 16 Sep 2021
By Abdul Rahman Bangura–
Photo Credit: Dreamstime
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- Mthuli Ncube announced, he had seen the transformational power of digital doughs after a visit to Dubai and speculates; Zimbabwe could extremely benefit. Similarly, Zimbabwe, like several other African governments, benefits extensively from
remittances. Still, the fees expended by those striving to remit money back home are remarkably high. As per World Bank data, the Zimbabwean diaspora pays up to $90 million yearly in remittance fees.
The Finance Minister reckons this is an arena that digital currencies can revolutionize. He said he visited the DMCC Crypto Valley in Dubai where he was motivated by the digital currency revolution.
“I visited the DMCC CRYPTO CENTER in Dubai which is a fascinating incubation center for cryptocurrency and payment solutions. I came across some solutions that could lower fees for diaspora remittances,” he noted.
The DMCC Crypto Valley was launched two years ago with the objective of enabling the development of block-chain and digital currency adoption. It gives training, incubation, and funding to DLT startups and is the product of a partnership between the government of Dubai and CV VC, a block-chain investment capital company.
Mthuli Ncube has long been a digital currency aficionado. A limited years ago, he exhorted the denizens to “invest in understanding emerging innovations like Bitcoin.” He also implored the administrations in the Southern African nations to emulate nations like Switzerland that “invest and understand Bitcoin.”
The Zimbabwean digital moolah community greeted the approval by the administration official. Yet, some clamored the minister for praising foreign digital currency projects while tens of local startups were unraveling challenges such as high remittance fees using digital currencies.
Victor Mapunga, CEO of Flexfintx, let out, “We already have block-chain and crypto companies in Zimbabwe, such as Flexfintx, working with local players.”
Despite the rise in digital currency adoption in Zimbabwe, there are some who believe that it’s just a makeshift solution, and the challenge fibs deeper. Jopa Sayeyo, a member of the country’s Senate, beheld, “When the banks stop manipulating the exchange rate, then maybe the Reserve Bank of Zimbabwe (RBZ) may consider cryptocurrency. Otherwise it will steer to a huge bang of the ZWL (Zimdollar).”
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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