Zimbabwe Talk’s Failure Will Lead to Continued Difficulties For Remitters
’The failure of this week’s talks aimed at trying to form a unity government will spell continued problems for people receiving remittances’ said Leon Isaacs, Managing Director of IAMTN (the International Association of Money Transfer Networks). Although formal remittances are allowed into Zimbabwe the rate of inflation means that often the money that is received will buy a fraction of what it would have bought when the money was originally sent. This phenomenon has seen the growth of entrepreneurial companies such as mukuru.com and premier786 that pay out in goods rather than money.
’These systems are playing a fantastic role in helping people to obtain survival essentials and are lessening the impact of hyper-inflation. However, many people are not using them or the formal channels and IAMTN estimates that over 70% of money being sent to Zimbabwe is moving informally. This clearly presents challenges for the people receiving the money as these methods are not always secure or the receiver then has to deal on the black market to change foreign currency. If the talks had succeeded it would not have meant an immediate improvement but it would have led to a chance that the improvement process could move forward.’
IAMTN is the only international trade association, representing Money Transfer industry across the globe.
The members of IAMTN provide the full range of money transfer (remittance) services to private individuals and small businesses in over 150 countries and territories.
As a truly global lobbyist of the remittances industry, IAMTN raises awareness of importance of the money transfers as one of the most dynamic sectors of the world economy as well as a widely spread social phenomenon.
IAMTN works closely with governmental agencies, financial regulators and anti-money laundering bodies to make sure that the money transfers legislation reflects the realities of the modern world and provides for efficient and affordable remittance services to the customers around the world.
As a trade organisation, International Association of the Money Transfer Networks provides its members with access to the potential business partners internationally, research data on money transfers and associated industries.
Over 4300 industry professionals and members of the press subscribe to the Money Transfers newsletter, published by IAMTN.
IAMTN is the key driver of the Annual Global Consumer Money Transfers (GCMT) conference in London and Money Transfers Dubai which is being held on 9 March at the Shangri-La Hotel in Dubai.
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