ZB Bank in partnership with Fidelity Printers last week unveiled a Fidelity Gold Card as part of its drive to introduce more plastic money products for miners. The Fidelity Gold Card allows miners to effect transactions for as little as 13 cents per transaction and miners can choose how the get their money once they sell their gold .A miner can choose to have part of the money in cash and the other can be placed on the card .It will work in tandem with the ZB bank’s agent banking service. The move is in line with the Government’s plan of using plastic money to reduce cash shortages and reduce the importation of scarce money.
ZB Bank Group chief executive officer Ron Mutandagayi said partnership would go a long way in alleviating cash related challenges amongst players in mining sector.
“Gold is indeed key and we are pleased to be launching our plastic money product and also sharing with you other products and services to make your lives and business transactions easier.” Mr Mutandagayi said.
“You will also note that your Fidelity Gold Card will be linked to your cellphone and as long as there is money in the card you are able to purchase your own electricity 24 hours ; anytime anywhere even when you travel out of the country; and to buy your inputs as well as meet your daily requirements” he added.
He added that the group has got a number of products they can introduce to the use of plastic money.
The poor performance of the mining sector has been largely due to low mineral prices and the economic meltdown Zimbabwe is experiencing hence most mining houses struggling to break even.
Mr Mutandagayi said the group is targeting to get a far market share in the use of plastic through its new product.
ZB Bank started its own agent network in 2015 and has so far grown to a total of 6 000 agents with plans to grow to 10 000 agents by the end of 2016.
The Fidelity Gold Card is distributed and supported through all ZB agents would further improve access to deposits.