ZymPay takes over from MoneyGram, who had held the sponsorship position for the past three seasons.
They plan to open a global route to Zimbabwe in the second quarter of this year. “Our service aims to deliver a safe and fair way to send money abroad,” says Dakshesh Patel, founder and CEO.
“We have adopted extremely high standards of compliance for ‘Know Your Client’ (KYC) and anti-money laundering (AML), going way beyond current guidelines and practices. It means that we – and the institutions we partner with here and in Zimbabwe – have the greatest confidence in our system.”
There has been much debate and concern from Regulators and Financial Institutions of Remittances. The level of compliance varies amongst money remittance companies and ZymPay sets a new standard to assure compliance to the highest standards that regulators seek to implement in future.
Taking this approach means each transaction is automatically cleared in real-time and in accordance with a high degree of assurance around KYC/AML at both the send and receive points of the transaction cycle.
The service is all electronic and seamless. “My vision is to reduce the friction associated with the process of money transfer at an economic cost,” says Patel.
“We wanted to just let the money flow, but in a safe and entirely secure way.” ZymPay plans to be completely transparent with their rates, with low fees that will simply cover ID checks and processing.
Then they will use a share of profits to build a foundation to deliver health and education projects in the recipient countries. “The Foundation model that I already run through my business has helped deliver projects in Sri Lanka and South Africa in conjunction with a leading UK School. I’ve seen at first hand just how effective carefully delivered education can be. We will build a meaningful foundation funded solely from our earnings from ZymPay so that customers know that when they send money home they are doing some good too,” says Patel.
ZAA Chief Executive Officer, Peter Soko, said the new partnership with ZymPay was an exciting development as both organisations shared similar visions and goals. Now in its fourth year, the ZAA has grown to become the flagship awards event for the Zimbabwean community in the UK. – Find out the latest about #ZAA2014 and follow @zimachievers on Twitter; you can also get rolling updates on this year’s event from the Zimbabwe Achievers Awards Facebook page.
Post published in: News