By Nobleman Runyanga

The Reserve Bank of Zimbabwe (RBZ) has registered 26 financial services companies to operate as bureaux de change in line with its thrust to revive the interbank foreign exchange market as a long term solution to the dominance of the black market as the main source of foreign currency.

This was revealed in a statement which was released this week by the central bank.

“The Reserve Bank of Zimbabwe wishes to advise members of the public of the following institutions that have been licensed to operate as bureaux de change in line with foreign exchange guide lines announced in the 2019 Monetary Policy Statement issued on 20 February 2019. Members of the public can buy and sell foreign currency through these institutions in line with the issued guidelines,” read the statement.

The RBZ’s bureaux de change programme rode mostly on the backbone of existing registered microfinance and money transfer institutions such as Getbucks Financial Services, FMC Finance, Quest Financial Services, Success Microfinance Bank and Easylink Money Transfer.

The central bank also roped in institutions with large geographical footprints such as the Zimbabwe Posts (ZimPosts) in order to ensure easy access to bureaux de change services by people from far flung areas such as Chiredzi in line with the RBZ’s financial inclusion thrust. Of ZimPosts’ 194 branches, 19 are operating as bureaux de change. Easylink Money Transfer, which serves mostly urban areas, is providing bureau de change services at its 23 branches.