Home » Industry » Homelink Targets U.S $100 Million By 2017

HOMELINK, a subsidiary of the Reserve Bank of Zimbabwe, is targeting to raise its balance sheet to $100 million by 2017, central bank governor Dr John Mangudya said.

“The company is profit making and is on a growth path. It plans to grow its balance sheet currently at $20 million to $100 million by December 2017,” he said last week.

This comes amid phenomenal growth in Diaspora remittances to Zimbabwe, which account for a significant proportion of the company’s business.

Homelink’s role is to harness foreign currency from non-residents and other holders of free funds by providing products and services that meet investment and consumption needs of the Diasporans.

The RBZ estimates that Diaspora remittances into the country currently stand at around $1,7 billion and gravitating towards $2 billion, translating to above 50 percent of exports.

Homelink is structured into four business units, namely Proplink, Easylink Money Transfer, Investlink and Masterlink Capital Services. Proplink is dedicated to housing and stands development.

Houses and stands are sold to the Diasporans and local customers mainly on mortgage. Clients also have an option to purchase houses on the open market with Proplink providing financing.

Easylink Money Transfer is an agent of Western Union responsible for money transfer services.

Customers receive money sent from the Diaspora through the unit’s widely distributed branches located in cities, towns and selected outlying areas.

Customers are also able to send money within Zimbabwe through Easylink branches without the need to have a bank account.

The wide geographical distribution comes as a relief to recipients who used to travel long distances to towns to collect money.

This is in line with the central bank’s thrust of ensuring financial inclusion of many people.

Masterlink Capital Services addresses short term financing needs of customers in and outside of Zimbabwe. Investlink promotes the investment needs of the Diasporans.

The unit scans for investment opportunities in the country these are then marketed to the Diasporans who will mobilise capital from outside of Zimbabwe bringing Diasporan Direct Investment into various sectors of the economy.

Source : The Herald