Cenfri, on behalf of the FinMark Trust,conducted a study concerning the remittance of funds to Zimbabwe. The study culminated in a short note that assesses the suitability of the 90-day casual worker's permit issued to Zimbabweans as a tool for financial inclusion with a focus on the remittance of funds to Zimbabwe. By virtue of this assessment, the study also:
- Compares requirements across the different banks
- Identifies barriers to financial inclusion that Zimbabweans face - including qualitative
The methodology used was the mystery shopping technique to assess requirements from the various banks concerning remittance of funds to Zimbabwe using the 90-day permit. While the 90-day permit has the potential to promote financial inclusion for Zimbabwean migrant workers, the short n ote highlights that there were still a number of barriers. Barriers include the misalignment between what is stipulated in regulation and what bank agents know.
While the 90-day permit shall cease to be in use from the 31st of December 2010 with the introduction of the new work permit, Zimbabweans will still potentially face barriers to financial inclusion including de facto practices and misalignment with regulation.