New cashless banking solution launched in Zimbabwe

May 24, 2012

A new cashless banking system is being introduced in Zimbabwe.

A new cashless banking system is being introduced in Zimbabwe.

Launched by Smart Payment Solutions, it is hoped the solution will encourage other providers to adopt similar services, the Herald reports.

Currently, the majority of financial institutions and mobile phone operators only provide money transfer services via mobile.

Managing Director of SmartPay Miriam Mutizwa claimed the new initiative will "revolutionise" financial services in Zimbabwe.

"This new electronic banking concept will facilitate the cashless transactions market through a prepaid smart card/debit card issued via retail and community agents," she said.

It could also help to improve access to finance in the country, as those who are unable to reach a physical branch will still be able to monitor and use their bank account.

Indeed, the FinScope Consumer Survey Zimbabwe 2011 recently revealed 40 per cent of the country's population are financially excluded, while just 12 per cent of those in rural areas are banked.ADNFCR-2976-ID-801370862-ADNFCR