7 Financial & Insurance Products For Zimbabweans Living Outside The Country
1. CBZ Home Insurance for the Diaspora
Do you spend sleepless nights stressing over the safety of the assets you left back home? Do you trust the safety of your property you left in the care of your helps or relatives back in Zimbabwe? – CBZ
CBZ offers home insurance for Zimbabweans living outside the country. This insurance is designed to cover the diaspora community that owns residential properties back home in Zimbabwe. The product covers all types of building assets including boreholes, swimming pools, gates and security walls, as well as fixtures and fittings.
It covers against fires, floods, housebreaking, riots, storms, theft and other accidental loss. It also covers even if the house is rented out.
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2. ZB Bank Diaspora Banking (Mortgages, Remittances, Stock Market Investments)
ZB Bank offers diaspora banking services to all Zimbabweans living and or working abroad. These include:
- Remittances: People living in the diaspora can send money via WorldRemit and have the recipients collect it cash guaranteed at ZB branches countrywide.
- Mortgages: ZB has a number of projects in Zimbabwe for low and medium income earners. get more details here.
3. Ecobank Diaspora Bundle
Ecobank, which prides itself as the pan African bank, has a diaspora bundle which includes products such as:
- Diaspora current account – It combines the account in your home country with the account where one works. This allows customers of the bank to pay bills, move funds, and transfer money easily.
- Diaspora online banking: This is a dedicated online banking portal designed for the diaspora. It combines the account in your home country with the account where you work. So, whether you want to pay bills or move funds, you can transfer money easily and securely.
- Diaspora Card: This is a card that’s designed to work anywhere in the world.
See more details here: ecobank.com/personal-banking/everyday-banking/current-accounts/diaspora.
4. Send Money From South Africa With EcoCash
Earlier this year, EcoCash made it possible for Zimbabweans in South Africa to send money to Zimbabwe using EcoCash Remit. The recipients in Zimbabwe will receive the money into their Ecocash FCA wallet as US dollars which they can withdraw as cash at the company’s outlets throughout the country.
Here’s how Zimbabweans can access the service according to Techzim:
For Zimbabweans in South Africa to get started, they only need to download the EcoCash SA App, or visit www.cassavaecocash.co.za to sign up and start to send Rands to Zimbabwe which the recipient will receive in no time when he/she gets an SMS notification. Alternatively, Zimbos in South Africa can visit at least 160 000 outlets in South Africa to send the money via an Agent.
More details of the process here:
5. Steward Bank Diaspora Mortgages
Steward bank offers mortgages, ranging from a minimum of US$10,000.00 to a maximum of US$400,000.00.
Mortgage Terms and Requirements
- Interest rate = 2% p.a.
- Tenure = up to 25** years maximum.
- Establishment fee = 2%.
- Loan Amount = Minimum $10,000 Maximum $400,000.
- Repayments must not exceed 45% of net monthly income (DBR).
- 5% initial deposit required. For you to be able to qualify for the 0% deposit you need to remit at least $1000 into your Steward Diaspora Current account, using the remittance partners on the Square World application.
- Monthly repayments are to be made using foreign currency.
More details on the Steward Website.
6. National Building Society (NBS) Mortgages
NBS, a building society associated with NSSA, has been on a strong push to build houses for both local and non-resident Zimbabweans.
NBS has a variety of mortgage products including outright purchases of property, building and home improvement finance in the high to medium density areas. The interest rates on mortgages range from 9.5% – 11.5% with a repayment tenure of up to 25years.
Customers can also use the society’s Access Save and Subscription savings account to save for a save for a mortgage loan. Interest rates on these accounts are on a sliding scale from 2.5% – 4.5% per annum depending on the period of savings.
Find details of the offer on the NBS website here.
7. Nyaradzo Sahwira International Plan
Nyaradzo has grown to become of the largest life and funeral insurance companies in Zimbabwe. In 2018 the company introduced the Sahwira International Plan targeted at Zimbabweans living abroad.
The product offers an opportunity for the diaspora to subscribe for a funeral plan that covers the repatriation of those that pass away abroad. The plan, however, can cover members both in the diaspora and those in Zimbabwe on the same subscription.
In the case of a covered individual passing away in Zimbabwe, a policyholder in the diaspora can get two return air tickets from wherever they are in the world to Zimbabwe. Policyholders also get a vehicle to use for the duration of their stay in Zimbabwe.