The United Kingdom is set to overtake South Africa as the largest source of remittances flowing into Zimbabwe this year, according to Finance Minister Mthuli Ncube.
Although the majority of Zimbabweans in the diaspora still live in South Africa, recent migration trends have shifted the balance of money transfers.
Treasury data shows that four out of five Zimbabweans abroad are based in South Africa, yet the UK is now sending home a greater overall share of funds.
Government estimates indicate that 28.6% of the projected US$2.72 billion in remittances for 2025 will come from the UK, compared to 27.5% from South Africa.
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The United States, Australia, Botswana and Canada remain additional major contributors. Remittances are Zimbabwe’s second-largest source of foreign currency after mineral exports.
Ncube said remittance inflows are expected to continue rising, with figures projected to reach US$2.75 billion in 2026. He also outlined that economic growth is forecast to moderate to 5% next year, from an estimated 6.6% this year.
Zimbabwe has experienced recurring economic turbulence over the past two decades, including high inflation and currency instability. These conditions have led to sustained emigration, particularly of skilled workers.
The UK has seen a marked increase in Zimbabwean professionals relocating in recent years, contributing to the surge in financial transfers.
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