Zim gets more mobile money
VALUE ADDED SERVICES| Oct. 23, 2011, 2:08 p.m.
Zimbabwe’s ZimSwitch is reported to be in the early stages of partnering with up to 12 banks on mobile money services.
ZimSwitch is the National Electronic Funds Switch for ATMs and point of sale of Zimbabwe. Its new mobile service not only allows for mobile money transfers, but also allows mobile users to transact across banks. Banks can also use it to take their own mobile banking services to market.
ZimSwitch Mobile, currently only available to Telecel subscribers, is reported to be going live, in testing phase or being considered by 12 banks. ZimSwitch may also partner with mobile operators to roll out mobile money services, the company says.
People’s Own Savings Bank, Interfin Bank and CABS now offer mobile banking services in partnership with ZimSwitch and Telecel. Eight banking institutions are expected to go live with their mobile banking service within the next two months.
Telecel is providing the mobile banking platform while ZimSwitch provides the secure link to banks.
Mobile banking customers will be able to deposit money into and withdraw money from their accounts at any bank or bank agency where a ZimSwitch Ready logo is displayed.
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