ZIPIT, the money-transfer service from Zimswitch has been recording explosive growth over the past month and a half as customers seek speed and convenience amid the cash crisis, a source has told us.
According to the source until recent months, ZIPIT recorded monthly transactions that were only in the region of 1,500 to 3,000. However, for the month of May alone, ZIPIT transactions are projected to reach a whopping 50,000 as cash-strapped, convenience-seeking Zimbabweans turn to the service in greater numbers.
‘The cash crisis has necessitated it’
A big factor in the booming popularity of these services is the fact that now, senders can now transfer up to US$10,000 instantly (the cap has been raised from $1,000.) Further, Zimswitch has transaction charges that add up to only $0.20 flat.