- Innovative Launch: Introduced FBC Premium Mastercard family, including a Prepaid Card that operates on both USD and Zimbabwe Gold
- Cardholders enjoy perks such as complimentary airport lounge access, free roaming data, and significant discounts on international shopping and hotel stays
- This launch positions FBC as a competitive player in Africa’s financial market
Harare- Zimbabwe’s titan bank, FBC Holdings, has launched a new family of FBC Premium Mastercard products yesterday at the Hyatt Regency Hotel in Harare.
It is linked to both USD and Zimbabwe Gold (ZWG), and sleekly designed in black, it operates locally via Zimswitch and globally on Mastercard platforms.
Deputy Group Chief Executive Webster Rusere framed the unveiling as both a celebration of innovation and a testament to the bank’s enduring commitment to its customers.
The launch, which spotlighted a standout offering, the FBC Premium Mastercard Prepaid Card, has positioned FBC at the nexus of regional competitiveness and global financial trends.
“Allow me to highlight that FBC Bank was at the forefront of championing the return of the Mastercard brand to Zimbabwe in 2010,” Rusere said.
“We take immense pride in being the first Zimbabwean bank to introduce Mastercard in a dollarised economy.”
FBC Bank’s partnership with Mastercard stretches back to 2010, when it pioneered the introduction of Mastercard products in Zimbabwe’s newly dollarised economy.
This bold move came as the nation emerged from hyperinflation, signaling FBC’s intent to tether Zimbabwe to the global financial grid.
Over the years, the FBC Mastercard has earned “sterling local, regional, and global recognition,” as Rusere noted, for its speed, security, and convenience in facilitating cross-border transactions.
The launch of the new FBC Premium Mastercard suite, including the Prepaid Card, builds on this legacy.
Tailored for top-tier customers, the Prepaid Card operates seamlessly on Mastercard-enabled platforms both locally and internationally, offering a versatile tool for Zimbabweans navigating an increasingly digital world.
This aligns with a continent-wide surge in digital payments, with the African Development Bank reporting a 23% growth in transaction volumes between 2022 and 2024, driven by mobile technology and a tech-hungry populace.
Benefits Explained
For Zimbabwe’s jet-setting elite, the FBC Premium Mastercard Prepaid Card offers a luxurious perk: complimentary access to over 1,200 airport lounges worldwide. In an era where global business travel is rebounding, up 12% in 2024, per the Global Business Travel Association, this feature caters to professionals and families alike, aligning FBC with a growing demand for premium travel experiences.
Benefits also include 1 GB of free roaming data. In a world where 5G adoption is accelerating, and projected to cover 60% of global connections by 2030, according to GSMA, this perk ensures cardholders can pilot foreign cities, manage online transactions, or stay in touch without exorbitant roaming fees.
It also offers 30% off at some of the world’s best hotel chains and an additional 15% discount at IHG Hotels and Resorts across Europe, the Maldives, India, the Middle East, and Africa. As global tourism surges, expected to hit 1.8 billion international arrivals by 2030, per UNWTO, these savings make premium stays more accessible for Zimbabwe’s top-tier travelers.
Security is also paramount with the FBC Premium Mastercard Prepaid Card, which includes USD 500,000 in automatic travel insurance and USD 1,000 protection against damaged goods or wrong deliveries for online purchases. In a digital shopping boom with e-commerce sales hitting $5.8 trillion globally in 2024 according to eMarketer, these safeguards address real consumer anxieties.
The card also unlocks a world of exclusivity with access to Mastercard’s Priceless Cities program, offering curated dining, travel, and entertainment experiences globally. Paired with a 10% discount on Farfetch purchases of $200 or more, it caters to Zimbabwe’s fashion-forward and culturally curious elite.
For Zimbabweans eyeing global retail, it delivers a standout perk of a 30% discount across 100,000 MyUS retailers. This benefit simplifies and slashes the cost of international shopping, from electronics to home goods, at a time when cross-border e-commerce is soaring, up 20% in Sub-Saharan Africa in 2024, per ITC data.
Paired with the card’s USD 1,000 purchase protection, it’s a compelling draw for savvy consumers, bridging Zimbabwe’s local market constraints with global opportunities.
Regional Context: Competing in a Crowded Market
Southern Africa’s financial landscape is heating up, with banks across South Africa, Zambia, and Botswana rolling out advanced payment solutions.
Mastercard’s regional footprint, championed by figures like Gabriel Swanepoel, General Manager for Southern Africa, has fueled this race.
For FBC, the partnership with Mastercard is a calculated move to outpace fintech disruptors and mobile money giants like EcoCash, which dominate Zimbabwe’s domestic market.
The Prepaid Card, in particular, targets an elite clientele, those who demand flexibility and global reach.
The new suite, with enhanced features caters to Zimbabweans’ evolving needs in a region where cross-border trade is poised to grow by 15% annually through 2030, according to World Bank projections.
By offering a product that works effortlessly across Mastercard’s vast network, FBC is cementing its role as a leader in the Southern African Development Community (SADC).
Global Trends: Riding the Digital Payments Wave
Globally, the payments industry is in the midst of a transformation. McKinsey’s 2024 Global Payments Report predicts that digital transactions will comprise 80% of global volumes by 2027, propelled by e-commerce and contactless innovations.
Mastercard has been a trailblazer, introducing biometric authentication and tokenized payments. FBC’s expanded Mastercard offerings, including the Prepaid Card, tap into this wave, ensuring Zimbabwean consumers and businesses remain competitive.
The timing couldn’t be better.
As Rusere highlighted, these products enable a “wide range of transactions” a vital feature in an era of remote work, international education, and globalised supply chains.
With a diaspora exceeding 1 million (per UN estimates), tools like the Prepaid Card are more than convenien, they’re essential.
They facilitate remittances, a market the International Monetary Fund expects to hit $850 billion globally by 2030.
The Prepaid Card’s seamless operation on Mastercard platforms positions it as a premium choice for Zimbabweans bridging local and international financial needs.
Challenges persist, however. Zimbabwe’s foreign exchange constraints and regulatory complexities could slow adoption, while a 30% spike in global payment fraud attempts in 2024 (per Visa’s Risk Report) reflects the need for Mastercard’s robust security features to shine.
The debut of the FBC Premium Mastercard suite, with the Prepaid Card as a flagship offering, encapsulates Zimbabwe’s financial aspirations: resilience at home, integration abroad.
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