Harare – Zimbabweans in the diaspora and those in the country will receive benefits for using the Zympay platform, ZB Bank CEO Ron Mutandagayi has said.
In July ZB Bank 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 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-border payments through digital innovation.
In an exclusive interview with Equity Axis on the side lines of donations extended by the Bank to St Giles, Albino Association and Tariro Hope, Mutandagayi said they have introduced benefits for those who will be transacting using the ZymPay platform.
“What we have done for your own information is that the schools that benefit from the foreign currency that comes in are now considered as foreign currency earners on our platform which means the foreign currency that we receive will now be used for the benefit of the schools themselves.
“In addition to that we will give a 10 percent discount to the school and 40 percent to the student when they buy groceries from Gain wholesalers or purchase school uniforms from Enbee, so that association is working very well.”
He said the motive behind starting the initiative was to reduce diversion of funds and enhance schools school fees collections.
“The reason we thought so is that many people in the diaspora find challenges sending their money to relatives fearing that the money never finds its way to the uses it should be put to, diversion of funds is a big problem for diasporans so with thought our partnership with ZimPay will assist in minimization of diversion of funds and improve school fees collections.
“So far we have registered 1 900 schools out of the 7 000 anticipated. We think since the launch we have done very well and we hope the partnership will go into the foreseeable future.”
Mutandagayi added, “In the medium to short-term we are working on expanding that from just school fees and we would like to ensure that health is covered, groceries are covered and all the needs of the diasporans to ensure that they are given the comfort that the money they are sending to Zimbabwe is going to the need they are feeling.”
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