Harare - ZB Bank has partnered with UK headquartered cross-border payments enabler, ZymPay Limited to facilitate payments for school fees both locally and from diaspora through a digital payment paltform platform directly linking the diasporan sender with the local school.
ZymPay works with leading banks and financial services providers in Africa, Europe and Asia to facilitate cross-boarder payments through digital innovation.
The trailblazers are teaming up to enhance ZB Bank's education offering and take significant strides on the path towards #FinancialInclusion and #InclusiveGrowth.
Addressing members of the media in the capital Thursday, ZB Chief Executive Officer Ronald Mutandagayi said schools form a large part of ZB Bank's client portfolio, with 70 percent choosing to bank with them.
Mutandagayi said cognisant of fee payment challenges faced by individual customers, and the implications on families and schools, ZB Bank has responded with this partnership which offers benefits on two levels.
"Firstly, individual clients both local and in the diaspora will pay fees directly to schools via the simple, cost effective convienient (via mobile devices) and contemporary ZymPay portal.
"Secondly, schools will benefit from digitalised fee processing mechanism enabling direct payments against individual students accounts, direct to the school's bank account," he said.
He said education is a fundamental investment for any family and providing innovative but simple ways for families to pay school fees is vital.
"This partnership will offer our schools, universities and colleges a payment solution that ensures fees are paid on time, directly into ZB account with all reference details available.
"The solution offers peace of mind to the sender as it eliminates the middle man in the process and affords the sender further value through the 7 percent incentive from Reserve Bank of Zimbabwe.
Also speaking at the same event, Chief Executive Officer of ZymPAy Dakshesh Patel said they are delighted and priviledged to strategically partner with ZB Bank to support and deliver such a simple but vital solution to support Zimbabweans in the diaspora.
"Digital solutions that support Financial Inclusion and supporting initiatives to make payments and for education and healthcare easier is at the core of our preposition.
"We look forward to developing many more financial services solutions to enable easier access to the country for Diasporans and investors seeking to make cross border payments."
In the near future Zympay platform will also aid individuals in the diaspora to pay for basic services, like electricity bills back to their home country.
With the current cash shortages plaguing the country and the black market still ruling the roost, Zimbabweans are likely to opt to use other facilities that enable them to withdraw their US dollar and sell it on the black market.
Currently the green back is being sold at a premium of 60 percent overriding the 7 percent diaspora remitances incentive from the RBZ.
The ZymPay platform success depends on the stability of the economy which is currently in shambles and this will take years.
Additionally, the majority of the 2 million migrants in neighbouring South Africa are unbanked hence it will be difficult for them to use the platform.
- EQUITY AXIS NEWS
