ZB Bank announced that the bank will be offering Visa cards to its customers through its more than 49 banking centers. The Visa card is designed for all customers who value unique lifestyle benefits and want extra value in their payment products.
“We are in the process of working with the Visa to ensure that we comply with Visa standards, what we call Plastic Card Industry Data Security Standard. You need to be certified to make sure that your cards meet Visa requirements. That process requires us to work with professionals, who will take us through the systems. We may need to invest in certain items of equipment to make sure we meet those standards,” ZB Financial Holdings chief executive officer, Ronald Mutandagayi said.
Mutandagayi said the nostro challenges were the major delay for the unveiling of the Visa cards.
“So, we are doing that, but the delays are generally arising from the fact that if you have to pay a service provider from outside the country, there have been delays arising from the nostro situation we are finding ourselves in. We are going to have Visa card in the third quarter of this year,” he said.
Mutandagayi said they had re-engaged foreign correspondent banks resulting in the reactivation of United States dollar, euro, pound and South African rand accounts.
Zimbabwe’s prevailing cash crisis has escalated, with queues visible at many banking halls in Harare. The country’s unsanctionable trade or current account shortfall, poor balance-of-payments position, as well as massive revenue leakages and an uneven distribution of liquidity in the market are the major reasons behind the prevailing serious cash shortages buffeting the economy.
The situation is also exacerbated by depleted nostro accounts balances which have been drained by the ballooning import bill.
The Group has also invested in a further 3 000 Point of Sale machines in order to enhance customer convenience. Other technologies to support the operation of a “cash-lite” economy are under development.