World Remit to stop direct bank transfers to Zimbabwe

Money transfer company World Remit is set to stop direct bank transfers to accounts in Zimbabwe.

Its statement said:

At WorldRemit, we pride ourselves on offering the best possible service to our customers. Sometimes that means removing services where we don’t believe we can provide the best-quality service or the widest range of options for you.
We’ve decided to remove bank transfers from our service in Zimbabwe. From 29/06/2022, you won’t be able to send money to bank accounts in Zimbabwe.
We do apologise for any inconvenience this causes to yo or your loved ones. The good news is that our other money transfers, including cash pickup, mobile money and airtime, will still be available. Have a look at our website and app for more information.

The reason they have given as is and we think it has a lot to do with the changing landscape of regulations in Zimbabwe more than anything else.

We might be wrong, but, yah neh.

UPDATE: It would appear as if World Remit has been applying these measures worldwide. Singapore, Russia, Namibia, Uganda among others have also had reduction in these and other services.