BancABC has sealed a double partnership with Mastercard and Zimswitch. The partnership will expectedly transform the digital payment landscape in Zimbabwe.
As part of the partnership, BancABC Zimbabwe will roll out a new suite of co-branded Mastercard and Zimswitch payment cards, enabling its customers to make safe and seamless digital, domestic and international payments including e-commerce transactions.
Speaking at the launch, BancABC CEO Dr. Lance Mambondiani said, “We are delighted to be the first to market with this solution. It is thanks to the collaborative partnership between Mastercard, a global financial services powerhouse, and Zimswitch, our national switch . There has been a lot of work that has gone into launching this project from all the teams involved and my gratitude is to the teams that have worked tirelessly to deliver this innovation.”
In the coming months, BancABC will introduce several co-branded card innovations tailored to different market segments including Corporates, SMEs, Retail and Private Banking individuals. One such innovation includes its ‘Home and Away’ card that links to both a local and foreign currency account, enabling Zimbabweans to make local and international online and in-person payments with a single card. Other solutions include a combo card onto which up to four different currencies can be loaded, a prepaid card, and local and foreign currency cards for businesses.
The new BancABC cards in compliance with the Reserve Bank of Zimbabwe’s cyber-security regulations will include EMV Chip and PIN technology, providing cardholders with additional peace of mind while making them more difficult to counterfeit. The EMV cards are also enabled for contactless payments, meaning that customers can ‘Tap to Pay’ at any contactless-enabled point of sale terminal. Since the onset of the COVID-19 pandemic, the use of contactless technology has rapidly gained traction as consumers have become more conscious about hygiene.
Businesses and individuals can also use the cards to shop and pay online for subscription services such as DSTV and Netflix, advertising on Facebook, online shopping, as well as travel and bill payments. BancABC has also enabled the card-to-card fund transfer functionality. By dialing the *243# USSD code, or using the BancABC A360 mobile application, people will be able to transfer funds directly from one Mastercard payment card to another.
According to Charlton Goredema, Vice President of Country Business Development, Botswana and Zimbabwe at Mastercard, people are increasingly embracing digital payments – a trend that has accelerated due to the Covid-19 pandemic.
“Zimbabweans are increasingly seeking safe, seamless, and consistent digital payment experiences. Backed by the speed and security of Mastercard’s global network, we are pleased to partner with BancABC and Zimswitch to lead the transition to digital, while supporting the Reserve Bank’s vision to modernise the payment system. Together, we can connect more people to the global digital economy while laying the groundwork for future innovation.”
Cyril Nyatsanza, CEO of Zimswitch, added, “We are proud to kick off this market-wide partnership with Mastercard and BancABC. Through this collaboration, we have no doubt that the provision of convenient, innovative, and secure payment solutions will contribute to and encourage positive market developments on multiple fronts.”
Existing customers can visit any BancABC branch with a copy of their National ID and account number to exchange old cards or collect new cards. The new card will be issued on the spot. Corporates can contact their relationship managers to arrange for new card issuance. New customers will be able to open accounts and get cards after producing the required KYC documentation.
