Zimbabwe: Enhanced Money Transfer Agencies Framework - AllAfrica.com

Harare

In line with its command to guarantee populace convenience in foreign currency trading by he Zimbabwean public, the Modesty Depository Financial Institution of Republic Of Zimbabwe (RBZ) recently introduced the Enhance Money Transportation Agency system.

This system will see the re-registration of existing Money Transportation Agencies (MTAs) so that in improver to their normal trading operations of transferring money from the diaspora, they also move as Centres for the purchase of foreign currency from walking in clients -- a function that was previously the continue of RBZ Foreign Currency Buying Centres and Commercial Banks.

WHY MTAs?

MTAs are the recognised conduit of free foreign currency remittals into the country. There are currently 11 (11) registered MTAs in Zimbabwe. These have got over ninety (90) subdivisions throughout the country. With such as a broad statistical distribution web covering almost all parts of the country, MTAs range out to the grassroots degrees where they are in changeless contact with the people.

This agency that a individual now no longer necessitates to go in order to convert their foreign currency. In improver to local currencies, MTAs will offer a "one-stop-shop" installation where a individual receiving their money through an MTA, can change it to local currency at the same clip and topographic point without needing to physically travel elsewhere for this.

Money Transportation Agencies will therefore complement Foreign Currency Buying Centres and Commercial Banks.

OTHERS can ALSO PARTICIPATE

Because of the envisaged broad insurance that this strategy will provide, this facility is not limited to MTAs only; the Modesty Depository Financial Institution of Republic Of Republic Of Zimbabwe is also inviting other willing and interested investors to use to the Exchange Control Division so that they can also take portion under the Enhanced Money Transportation Agency Framework.

The Modesty Depository Financial Institution have also made it possible for foreign investors who desire to take part to come in into joint venture partnerships with local investors.

WHAT bash YOU need TO DO

All interested investors willing to take part in this enterprise necessitate to be registered by the Exchange Control Division of the Modesty Depository Financial Institution of Zimbabwe.

Relevant Links

This affects entry of a certified true transcript of Memo and Articles of Association issued in footing of the Companies Act (Chapter 24:03), Directors' CVs and a security sedimentation of US$ 50 000. Existing MTAs make not necessitate to submit these as they are already in fulfillment of the enrollment requirements. They are only required to seek re-registration for the expanded authorization of buying foreign currency from the public. The Modesty Depository Financial Institution of Republic Of Zimbabwe will carry on pre-opening inspections to guarantee that premises are in the needed state to manage foreign currency transactions.

For Zimbabwean foreign currency transactors, convenience is once more than at your doorsteps. The Enhanced Money transportation Agency Model will guarantee that you carry on your foreign currency minutes in a safe, convenient and dependable environ- ment.

For investors willing to participate, the Modesty Depository Financial Institution is giving you up to the 30th of June 2008 to submit your applications.