The Sunday News
Judith Phiri, Sunday News Reporter
EDUCATION has been identified as one sector that is pushing up remittances to Zimbabwe with statistics from WorldRemit indicating that its users sent over US$500 million to the country by the end of last year.
This has been buttressed by a Unesco education report that has revealed that remittances form a valuable source of income for developing economies and play a significant role in elevating education levels, with most remittances to Zimbabwe enabling more children to enrol in schooling programmes and to pursue further education.
In terms of remittances, statistics show that by the end of December 2022, Zepz (WorldRemit and Send wave) users globally sent over US$500 million to Zimbabwe. In a statement, WorldRemit Director of Anglophone Africa, Mr Darryl Pietersen said education in Zimbabwe was highly valued among most households, with parents working hard to get their children into the best schools and universities.
“Many families count on their relatives abroad to supplement their education budgets through remittance. According to the 2022 Cost of School Study launched by WorldRemit, the changing macroeconomic environment affected the true cost of education across 21 markets globally. Zimbabwe showed the highest school supply costs relative to the average family size and monthly income at nearly 700 percent of the average family household income. Additionally, the study reported that sending a family’s house of children to school costs more than six times the average household’s income,” added Mr Pietersen.
He said it was the vital role of remittances in giving Zimbabwean children a proper education that WorldRemit has made investments that increase access to secure money transfer services even in the remotest parts of the country.
Mr Pietersen said this has been achieved through partnerships with banks and telecommunication companies, facilitating instant transfers to the recipients through a network of trusted banks, cash pickup locations, or mobile money.
WorldRemit sends from 50 countries to recipients in 130 countries, operates in more than 5 000 money transfer corridors worldwide and employs over 1 200 people globally.
