Written by Access AdminJune 16, 2020

Celebrating Sending Money Home on International Day of Family Remittances

Every year on the 16th of June the International Day of Family Remittance is celebrated. The main objective of this day is to show the effect of remittance on families and their countries of origin.

What is Remittance?
This refers to money that is sent or transferred to another party. The term is derived from the word remit, which means to send back.
Remittance is not only limited to personal money but can also include business or service payments. One in seven people in the world is either sending or receiving money with an estimate of 800 million benefits from the remittance

How does Remittance Work?
Remittance services are usually used by migrants in need of a service that is focused on sending money with better exchange rates and implement the same security measures as traditional financial institutions. The sender usually goes to the office or use their online website or app to send money by filling their personal information and the beneficiary’s data. It usually takes minutes to complete.

Zimbabwe is one of the top five beneficiaries of remittances in Africa for the year 2019. Data provided by data.worldbank shows that in 2019 Zimbabwe received $1.8bn in remittance. Diaspora remittance aids the country in having much needed foreign currency for the importation of essential products and services while contributing to the nation’s Gross Domestic Product (GDP)

IFAD has stated that between 2015 and 2030 (the SDG timeframe), an estimated US$8.5 trillion will be sent by migrants back to their communities of origin in developing countries. Of that amount, more than US$2 billion will either be saved or invested. Zimbabweans abroad totaling over 3 million can aid in reducing poverty, hunger, and providing opportunities to quality education and economic growth.

How Zimbabweans are benefiting from remittance:
1. It allows the benefiting family to have access to better education, food, healthcare while improving their livelihood.
2. It improves our country’s per capita income and GDP
3. It provides peace of mind to the sender as they have knowledge of how the recipient is going to receive money and when.

It’s also important to note that in light of the global pandemic with more people not employed there is a slight decrease in money being sent home as the rate may not be as high pre-covid19. Remittances can be costly to send with the global average being seven percent of the amount sent and with that in mind as more and more families in Zimbabwe depend on remittance to survive we as Access Forex ensures that your loved ones can send money home at a favorable rate and paying out in USD cash guaranteed at all our registered agents in our growing network across the country

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Written by Access AdminApril 22, 2020

Access Forex Launches Feed A Million Campaign

Access Forex has committed an initial USD 200 000 to assist the most vulnerable segments society and communities across Zimbabwe who is now reeling from the negative impact of drought and the global Coronavirus pandemic.
The recent drought, which has resulted in a food crisis in the country coupled with the economic slowdown, and the COVID-19 pandemic, as well as the resultant subsequent lockdown, have had debilitating effects on families and communities. Access Forex, an organization providing bureau de change and remittance services for Zimbabweans in the Diaspora, mainly in the UK and South Africa, has taken the move to compliments efforts by the government and various other humanitarian organizations to help mitigate the devastating negative impact of dry weather conditions, the pandemic and economic downturn.
In partnership with churches and NGO community, as well as government, Access Forex will provide food aid in the form of hampers to the vulnerable and needy in the society.
Since most Zimbabweans are currently unemployed and are largely surviving on informal sector activities, they have been badly exposed to this situation and need help to go through these times of adversity.
The intervention will begin in Harare, Bulawayo and Victoria Falls before being rolled out to the rest of Zimbabwe.
Dr. George Chirwa, Executive Director Access Forex, said during the launch of the initiative that Zimbabwe and must work together to help each other during these hard times.
“Access Forex is a Zimbabwean business and as such it has some corporate social responsibilities. We believe that local organizations and people can play a big role in resolving Zimbabwe’s current challenges. This is initiative is our small way as a responsible corporate to a citizen of supporting the ZWL100 million fund recently announced by the Minister of Finance and Economic Development Hon. Prof. Mthuli Ncube. The government needs help form all of us to deal with these challenges,” he said.
Chirwa also challenged other corporate citizens, individuals, and Zimbabweans in the diaspora to join the effort, and contribute to the goal of committing USD 1 million to serve those in need and help improve their lives.
The initiative to serve the marginalized people has been launched as the COVID-19 pandemic is sweeping through the country, but will continue into the future in an effort to serve the needs of the underprivileged communities. Corporates have a responsibility to the people around them and should step up to help feed a million through their donations. Through such strong partnerships, vulnerable people across Zimbabwe will receive food aid as we try to mitigate the impact of these combined adversities. Together, we have the power to #FeedAMillion.

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