HARARE – BancABC Zimbabwe Limited announced that it has partnered with Mastercard, a global technology company in the payments industry, to offer an all-inclusive card which links the customers’ nostro and local account to one card, also known as the dual pan card.
By joining forces with Mastercard, the Lance Mambondiani (pictured) led financial services provider becomes the first bank to offer both Zimbabwe’s national payment switch (Zimswitch) and Mastercard services in Zimbabwe.
“Our customers can transact with ease and convenience. This is also a momentous period for us, and it has come at a time where BancABC is receiving recognition for digital advancement,” the BancABC said.
“Additionally, our initiatives have given way to a contactless technology feature for our customers also known as the contactless card. Resultantly, the bank will secure chip and pin functions on card thus giving them a contactless capability in the Zimbabwean market for both local and international transactions.”
The card comes in four types that cater to every customer’s need. The four cards are the mass-market card, emerging affluent card, private banking card and the commercial card.
The cards are instant, and the customer can select a pin of their choice. In addition to this, the cards can be managed through BancABC’s A360 app and USSD platform on *243# leading to increased convenience.
The customer will also be able to do inter-card transfers.
According to the Bank, the mass-card will cater to consumers that come from a wide variety of backgrounds and it can be used for various daily transactions that are within a certain amount range.
The emerging affluent card comes as a multi-currency combination card and can be linked to as many as 4 wallets for middle-income customers.
The private banking card will cater to private banking club members and it comes with benefits such as emergency card replacements, a self-service portal on mobile to manage cards, and lounge key access.
Lastly, the commercial card caters for corporate clients and SME’s. Companies can use the card to purchase raw materials online and easy switch to local purchases, thanks to the dual pan feature.
“This digital advancement is a milestone in Zimbabwe’s financial services sector, and we are confident that greater achievements are on the way,” BancABC said.
In September last year, Mastercard and ZIMSWITCH announced a partnership agreement to enable the modernisation of Zimbabwe’s payment infrastructure, using Mastercard’s technology, products, and services.
Posting on its Twitter handle, Mastercard said, “We’re embarking on an exciting journey in partnership with @BancabcZW and @ZimswitchTech. Keep your eyes on our feed tonight for more on how we aim to advance the payments landscape within Zimbabwe!”
This partnership with BancABC is the first major glimpse of what was promised.
Equity Axis News