Recently, the Reserve Bank of Zimbabwe suspended Access Forex, a relatively popular local and international money transfer agency. According to the RBZ, money transfer agents now need two licenses in order to operate. One for local/domestic money transfer operations and another for cross-border money transfer agents. Apparently, Access Forex did not have a domestic remittances licence, and so the RBZ ordered them to stop offering domestic remittance services while they worked on getting the central bank’s approval. The good news is that Access Forex is now back and offering its local services again.
Access Forex offers international money transfers under license from the Reserve Bank of Zimbabwe (RBZ) and as a registered Money Transfer Agent (MTA) we routinely comply with all exchange control requirements and will continue to do so.
Based on submissions made to the RBZ we are delighted to advise you, our valued clients that the RBZ has since updated our existing license to also cover local (city-to-city) money transfers, and subsequently, lifted the temporary suspension on the service with immediate effect.
As of 8 am today (28 April) all local money transfer servicesAccess’s statement to Pindula News
The local remittance market is back and up for grabs as more and more people start using foreign currency to make payments again. While Ecocash used to be the undisputed king of local payments they had a bad 2019-2021 period as their system was plagued by bugs, RBZ bans and rogue agents who charge a fortune when people want to cash out.