Many of you might know Dr Lance Mambondiani – an iconic leadership and entrepreneurial figure in Zimbabwe. He is currently the CEO of BancABC. I once did an entrepreneur profile of him, a must-read. Dr Mambondiani’s significance stems from the vast assortment of expertise he wields. He has 9 core areas that he is well experienced in. Those areas are Financial Markets, Investment Banking, Retail Banking Delivery Channels, Private Wealth Management, Corporate Finance, Business Law, Corporate Governance, Development Finance and Economics. Anyways, BancABC recently unveiled a great product and service you might want to know about.
The MasterCard-ZimSwitch Debit Card
BancABC recently introduced an inclusive debit card by bringing together the MasterCard service and ZimSwitch service onto one card. Prior you normally had to have two separate cards – that is the norm for other banks even up to now. This means you now get to make both local payments and international payments through one card. This is ground-breaking because BancABC is the first bank to unveil this service in Zimbabwe.
More On The Way
BancABC is also currently working on other cutting edge services to be unveiled in due course. One of them is the Home and Away card which will enable the linking of local and foreign currency accounts. Additionally, they are also set to introduce a card that will enable you to load as many as 4 different currencies onto it. The great thing about all these innovations is that they are and will be secure. The cards will premise their security on two core technologies namely, PINs and EMV chips. This will greatly brace against the possible cloning of cards.
Great For E-Commerce In Zimbabwe
These innovations are aimed at streamlining the e-commerce industry in Zimbabwe. I have highlighted before when dealing with e-commerce in Zimbabwe. One of the biggest hurdles to the widespread adoption of e-commerce here has always been payment limitations. Our currency dynamics in Zimbabwe are so atypical and make it hard to easily make international payments. Zimbabwe is even locked out from the biggest global online payment gateways e.g. PayPal. So services like the ones BancABC is unveiling go a long way in addressing that.
Great For Cryptocurrency As Well
Cryptocurrency is a game-changer and cannot be ignored. One of the things limiting Zimbabweans’ involvement in cryptocurrency is payment limitations as well. I recently did an article on VintageMozArt – a globally trending Zimbabwean digital artist. I mentioned how that it was so hard for him to enter the NFTs space because of this issue.
Imagine this scenario: to mint (i.e. get listed) an NFT on a blockchain you pay a charge in cryptocurrency. To get that cryptocurrency you must buy it say, from someone or on an exchange. To do that you need to buy US dollars first say, from the parallel market. After that you then say, send the money to a cousin in the UK to buy the cryptocurrency for you. This is because that side they do not have currency or payment limitations.
By the time you have the cryptocurrency imagine the costs, you would have incurred through charges through the many processes. That is a rundown of what VintageMozArt endured to get his first NFT listed. So services being unveiled by BancABC will help ease global payments in the cryptocurrency space.
So kindly visit any nearest BancABC branch to learn more about this latest debit card. You can also visit their website to get more details. I have generally heard BancABC users recommending that it is a good banking services provider. You probably can check it out.