New figures from the central bank show that remittances account for 16.1% of the country’s foreign-currency inflows, underscoring their role as a buffer for economic stability.
Financial services operators say the uptick in inflows is reshaping national economic planning.
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“Remittances are a growing line item in our national budget, and there is a need to formalise these inflows because they support the economy,” Kevin Nyakotyo, head of sales and operations at Mukuru Zimbabwe, said in comments to the state broadcaster.
While the majority of remittances are traditionally used to cover family expenses, a growing share is being invested in assets and businesses.
According to Tinotenda Kambasha, the chief executive of the National Venture Capital Company of Zimbabwe, diaspora money is increasingly channelled into housing construction and also into the expansion of small and medium-scale enterprises.
He said this change reflects confidence in the country’s long-term prospects.
Policy analysts say the trend reveals the diaspora’s shifting role, with the diaspora increasingly acting as a deliberate development partner.
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Through the injection of foreign currency, the stabilisation of informal markets, and increased access to capital, remittances are helping to advance Zimbabwe’s Vision 2030 aspirations.
Experts, however, warn that formalising remittance channels will be key to enhancing their impact.
According to them, a stronger regulatory environment and greater transparency will help Zimbabwe unlock greater value from diaspora contributions as it seeks to deepen investment-driven growth.
