Leonard Sengere The Zimbabwean government says remittances grew by 18%, from $420 million in Q1 2023 to $494 million in Q1 2024. We are on course to surpass the $1.8 billion we received from our children abroad in 2023.
With figures like these, it’s no wonder there’s a fierce competition in the remittance business. Service providers are bombarding us with promotion after promotion, trying to woo us to choose them. This must be what it feels like to be a beautiful person.
Wiremit has been making some waves. Last month, we discussed their partnership with RIA to enable transfers to and from 190 countries. This time around, they have a promotion: Free $10 Wiremit says: I mean, who’s going to turn away free cash—$10 with no strings attached? It’s not quite 10 loaves of bread anymore, but it goes a long way.
Why is Wiremit doing this? They say it’s to give back to the community. I don’t think that’s quite the story. The promotion is likely designed to get you to try out Wiremit at least once, hoping that some of those who use it just to get the free tenner will stay.
Ever wondered how you undercut something that’s free? You pay users to use your service. EcoCash is offering free transfers from the UK and South Africa. EcoCash has been around longer and has a larger agent network.
That’s not to mention the many other players in the space. So how could Wiremit compete with that? By paying users to try out their service. That suggests Wiremit is confident that the.