Maravi

Money sent by Zambians abroad rises to K73bn

Money sent by Zambians abroad rises to K73bn
By Chiwoyu Sinyangwe
Fri 18 June 2010, 04:00 CAT

MONEY sent back home by Zambians living abroad rose slightly to K73.8 billion in the first quarter of this year from K71.5 billion during the same period last year.

Bank of Zambia (BoZ) head of public relations Kanguya Mayondi stated that in the first quarter of 2010, there were a total of 56,335 transactions recorded compared with 51,043 recorded during the same period last year.

“The increase in remittances is attributable to the improvements in the global and domestic economic activities as the world economy began to emerge from the 2008 global financial and economic crises,” Mayondi stated in response to a press query.

“The increase in the number of designated payment system businesses was another contributing factor.”

Mayondi stated with the enactment of the national payment systems Act, there had been a marked increase in the number of non-bank financial institutions that the BoZ had designated to offer money transmission services.

“These payment system businesses have a presence in various parts of the country where such services previously never existed,” Mayondi stated.

“In this regard, access to this service has been extended, making it possible for more people to receive money from the Diaspora.”


Mayondi stated that formal collection of information and remittances by BoZ only began last year following the enactment of the national payments system Act in 2007 and subsequent designation of payment system businesses.

Typically, Zambians living abroad send money back home to help their families and to invest in various sectors such as the real estate.
Last year, K298 billion was sent back to Zambia with a total of 216,700 transactions recorded.

Labels: KANGUYA MAYONDI, REMITTANCES

posted by MrK @ 5:26 AM