Companies

BancABC strikes remittance deal with Senditoo

BUSINESS REPORTER

BancABC has partnered with London based start-up, Senditoo allowing Zimbabweans in the diaspora to send and receive money through the
bank’s network of branches across the country as the financial services group expands its product range.

Co-founded by Zimbabwean tech entrepreneur Takwana Tyaranini, Senditoo has emerged as a disrupter in the remittance market with its mobile airtime service.

The service allows one to send airtime back home. Senditoo recently raised over US$1m in funding since commencing operations in 2016 and has a combined reach of over 4.5bn prepaid users daily worldwide.

As part of growing their remittance business, BancABC will become the official local partner for Senditoo remittances in Zimbabwe. The bank is slowly increasing its reach within the Zimbabwean diaspora population across Europe and has announced that it will shortly launch a
comprehensive diaspora banking service to its growing client base outside Zimbabwe.

BancABC managing director Lance Mambondiani said: “This partnership with Senditoo will allow people in the diaspora to easily send both cash and airtime to their loved ones in Zimbabwe and BancABC is proud to partner
Senditoo on this initiative.”

“Inward remittances are a critical component of forex receipts for the country which have historically supported the livelihoods of hundreds
of families back home. We believe strongly in collaborative partnerships such as this one to increase our reach, provide convenience to our
customers whilst leveraging on our platform to connect with companies that enrich the value proposition to our customers.”

Tyaranini, who has been in Zimbabwe to oversee the Senditoo integration, said his company was humbled to “launch our first remittance partnership in Zimbabwe”.

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