BancABC launches co-branded Mastercard and Zimswitch

PAN-AFRICAN financial services outfit, BancABC yesterday launched cobranded Mastercard and Zimswitch payment cards to enhance international payment systems.

Speaking at the launch, BancABC chief executive officer Lance Mambondiani said the financial institution has always set the pace in the provision of financial services in Zimbabwe.

“We are delighted to be the first to market with this solution. It is thanks to the collaborative partnership between Mastercard, a global financial services powerhouse and Zimswitch, our national switch. There has been a lot of work that has gone into launching this project from all the teams involved and my gratitude is to the teams that have worked tirelessly to deliver this innovation,” Mambondiani said.

BancABC said it would be introducing several co-branded card innovations to suit different market segments, such as the “Home and Away” card, which links both local and foreign currency accounts.

The bank will also be introducing a combo card onto which up to four different currencies can be loaded.

In compliance with the Reserve Bank of Zimbabwe’s cyber-security regulations, the new BancABC cards include EMV Chip and PIN technology, providing cardholders with additional peace of mind while making them more difficult to counterfeit.

According to Charlton Goredema, vice-president of Country Business Development, Botswana and Zimbabwe at Mastercard, people are increasingly embracing digital payments — a trend that has accelerated due to the COVID-19 pandemic.

“Zimbabweans are increasingly seeking safe, seamless and consistent digital payment experiences. Backed by the speed and security of Mastercard’s global network, we are pleased to partner with BancABC and Zimswitch to lead the transition to digital, while supporting the Reserve Bank’s vision to modernise the payment system. Together, we can connect more people to the global digital economy while laying the groundwork for future innovation.”

Cyril Nyatsanza, CEO of Zimswitch, said: “We are proud to kick off this market-wide partnership with Mastercard and BancABC. Through this collaboration, we have no doubt that the provision of convenient, innovative and secure payment solutions will contribute to and encourage positive market developments on multiple fronts”.