POSB in partnership with Mastercard has unveiled new prepaid and debit cards that will enable customers to make seamless transactions in both domestic and international markets. The Mastercard debit card is now the default card that POSB account holders can use to transact whether they prefer using United States Dollars USD both internationally and/or locally, and local Zimbabwean Dollars ZWL using the same card one card with two transacting currencies.
The prepaid Mastercard card is intended for customers seeking local and international foreign payment solutions, whether they hold a POSB account or not. All that is required is a national identity card and proof of residence to sign up for the prepaid Mastercard, deposit any amount in USD, and start transacting on the local or international markets.
POSB’s chief executive officer, Mr. Garainashe Changunda said that the introduction of Mastercard debit and prepaid cards was in line with the bank’s vision to provide simple, responsive, innovative, and inclusive financial solutions that create an enabling environment critical for transformative economic growth and the welfare of the people of Zimbabwe without leaving anyone or any place behind.
“As a people’s bank, we are cognisant of our customers’ ever-changing needs. We strive to provide them with relevant solutions. From the feedback we received, there was a need for payment solutions that allow them to fully participate in global commerce to enhance their economic opportunities,” Changunda said.
“In response to the feedback, we partnered with Mastercard and to offer two cards. The POSB Mastercard debit card, which is linked to the POSB local ZWL and United States Dollars USD accounts to give seamless transactions in both currencies using the same card. To make payment, one can easily switch from local currency to foreign currency or vice versa, depending on which currency they want to use for that specific payment,” he added.
“In line with the bank’s mandate to champion financial inclusion, one of the National Development Strategy 1 NDS1 objectives, we are further offering an easy-to-sign-up prepaid Mastercard for non-account holders who also wish to transact in USD currency, whether locally or internationally,” said Changunda.
The POSB prepaid Mastercard will ensure that the non-account holder groups of society are financially included and can fully participate in various economic activities, even at the global level, in pursuit of President E.D Mnangagwa’s vision 2030 that seeks to achieve an empowered and prosperous upper middle-income society by 2030.
Customers can use prepaid or debit Mastercard cards on local points of sale POSmachines and ATMs. They can withdraw cash, pay forex bills such as DSTV and Netflix, tuition, and purchase goods and services for their entrepreneurial projects on e-commerce platforms with ease. Through their ground-breaking technology, Zimswitch, a leading switching and payments company has in collaboration with Mastercard enabled POSB account holders to transact by using their co-badged prepaid and debit Mastercard cards.
Speaking on the joint effort and the launch of the co-badged debit and prepaid Mastercard card, Zimswitch CEO Zabron Chilakalaka said, “We are delighted to be working with Mastercard, a leading financial technology powerhouse, and POSB, one of Zimbabwe’s largest financial institutions. A lot of hard work and dedication has gone into launching this project. My gratitude goes to all the teams involved and have worked tirelessly to deliver this innovation to both account and non-account holders, enabling them to transact in both local and foreign currency safely, securely, and seamlessly.”
The cards come with advanced security features, including a PIN and EMV chip that allows contactless payment (Tap and Go) to ensure that customers transact safely and securely in the virtual environment. Both the debit and prepaid cards are also equipped with a full complement of digital and easy-to-sign-up features such as card activation or deactivation, PIN reset, balance inquiry, mini-statement, transaction history, full-statement request and block or unblock lost/stolen card. Additionally, a resolute customer support services team has been put in place to resolve customers’ queries at the earliest possible time should they arise.
“At Mastercard, we are committed to driving financial inclusion and providing digital solutions that help customers make safe and seamless transactions. Over the last decade, there has been considerable progress and a shift in the payment landscape as we know it, as such, we have had to be agile and nimble in our approach and develop innovative solutions that address consumers’ pain points. We are proud to collaborate with POSB to enhance the drive to access financial services, enabling more people to enter the digital economy, and as a leader in the payments technology industry, we will continue to provide our customers with the best solutions and experiences”, said Mark Elliott, Division President at Mastercard, Sub-Saharan Africa.
The cards come with advanced security features, including a PIN and EMV chip that allows contactless paymentTap and Go to ensure that customers transact safely and securely in the virtual environment. Both the debit and prepaid cards are also equipped with a full complement of digital and easy-to-sign-up features such as card activation or deactivation, PIN reset, balance inquiry, mini-statement, transaction history, full-statement request and block or unblock lost/stolen card. Additionally, a resolute customer support services team has been put in place to resolve customers’ queries at the earliest possible time should they arise.
About POSB
The People’s Own Savings Bank POSB is Zimbabwe’s only 100 percent homegrown savings bank that has served the nation by providing quality, affordable and accessible banking services for over 115 years. Formerly the Post Office Savings Bank, the POSB was established in December 1904 as a statutory fund to mobilise savings for national development. From January 1905 until 1965, the Bank conducted its operations through the Post Office infrastructure network. In 1965, the Post Office Savings Bank Act Chapter 249 was promulgated thereby providing for the administration of the Savings Bank by the Posts and Telecommunications Corporation PTC on an agency basis. Finally, in 2001, the People’s Own Savings Bank of Zimbabwe Act Chapter 24:22 was promulgated. This Act effectively established POSB as a corporate body, separate from PTC.
About Mastercard NYSE: MA
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. www.mastercard.com
About Zimswitch
Zimswitch is Zimbabwe’s National electronic payments switch and the leading payments technology company in the country. Our mission is to provide effective, secure, and reliable service to meet the needs of all stakeholders in the electronic payments value chain in Zimbabwe. Our state-of-the-art switching platform connects all financial institutions, sponsored participants, businesses, and consumers to the exciting world of digital payments. Understanding that the future is digital, we have placed innovation at the core of everything we do to remain ahead as we lead our customers on the digital journey. For more information about Zimswitch, visit us on website www.zimswitch.co.zw and follow us on Twitter: @Zimswitchtech and facebook; Zimswitch Technologies-Pvt Ltd.