Banking made easy for migrants

Migrants and asylum seekers who struggle to open bank accounts with local banks have been given a lifeline.

An independent initiative, the Africa Diaspora Exchange, offers financial services to the migrant community.

“We realised a gap in the market for locals and foreigners who use asylum documents and refugee status. They have great difficulty trying to open bank accounts,” said ADEX Chief Executive Officer, Allen Zunga.

“So we joined up with Imbongi Capital, a systems programmer offering a payroll type of service that enables clients to receive their salaries electronically.”

This cuts back the natural risks posed by carrying large amounts of money physically – such as losing it, getting mugged or embarking on uncontrolled spending sprees. To qualify, clients need to produce their SA identity documents, passports, asylum seekers permits, foreign travel documents or refugee status.

The system can be used with any automated teller machine anywhere in the world that uses a MasterCard.

“We are planning a two-card system, which will enable clients to have a local and Zimbabwean card so that they can make inter-card transfers through their mobile phones,” added Zunga, without giving a time-frame on when this would fully be implemented.

A funeral assistance scheme is also on the cards. “In the event of a client dying here, their body will be repatriated across any border and a certain fee paid to their nominated beneficiary.”

ADEX already has 1 200 clients and is in the process of recruiting agents to roll-out its programme to more.

Post published in: Africa News

Leave a Reply

Your email address will not be published. Required fields are marked *