ZB unveils new payment gateways, digital wallets

ZB Financial Holdings (ZBFH) has launched Smile Cash and Smile and Pay, twin payment gateways and digital wallet platforms aimed at ensuring easier accessibility of the bank’s financial services to all segments of society.

This comes as the financial group has been going through a digital transformation process that seeks to enhance customers’ convenience and access to the bank’s service offerings.

Established with an investment of slightly over US$250 000 the digital platforms provide a last-mile solution for various financial transactions, bridging the gap between service providers and end-users.

They also cater for a diverse range of needs, including social grants, bulk payments, salary disbursements, insurance benefits, and pension payouts.

Smile Cash and Smile and Pay offer a comprehensive suite of services designed to meet the varied requirements of users.

Individuals and businesses can receive money and transact easily, sell goods and receive real-time payments and settling of municipal bills such as rates and water pay bills. The platforms also facilitate collections for insurance payments, debts, and other billable services, making them a one-stop solution for a wide array of financial needs.

One of the standout features of the digital platforms is their user-centric design, which prioritises convenience, affordability, and ease of use.

Key benefits of using these novel platforms include low costs, streamlined onboarding processes as customers access the service from their mobile phone devices from any local geographical location in the country.

By minimising barriers to entry and reducing transaction costs, the digital platforms enhance financial inclusion, streamline payments, and improve overall accessibility to financial services.

The provision of a seamless and efficient transaction experience allows individuals and businesses to manage their finances more effectively.

In his remarks during the launch event on Wednesday, ZBFH chief executive, banking cluster, Mr Elisha Chibvuri, said the introduction of the two products marked a significant step towards ZBFH’s drive to create a more inclusive, connected, and digitally empowered economy.

He said the launch was a catalyst for revolutionising the way Zimbabweans transact, save, and make payments, ultimately driving economic growth and development.

“We have built a powerful digital wallet designed to put financial assets in your pocket, and a flexible smart payment gateway for businesses of all sizes, individuals, and other customers.

“This is a step forward as we build a more inclusive, connected, and digitally empowered economy. It is more than just a product launch. It is the beginning of a journey to transform how Zimbabwean transactions, savings and payments work,” said Mr Chibvuri.

ZBFH chief transformation officer, Mr Kangai Maukazuva, said the group recognised the burden of high transaction costs and developed a solution to alleviate this financial strain, making transactions more affordable and efficient for its clientele.

“We believe that the cost of transacting is very high, and as ZBFH we had to give you a solution to reduce that cost of transactions.

“So all fees required when sending money, cross-border payments, in terms of other banks through ZimSwitch and everything else, are catered for.

“You can also even link it to all the cards that you have so that you can have payments at ease,” said Mr Maukazuva.

Digital payment gateways and digital wallet platforms have revolutionised modern commerce, offering a multitude of benefits that enhance the transaction experience for both businesses and consumers.

One of the primary advantages is convenience. By streamlining transactions, reducing paperwork, and increasing accessibility, these digital solutions make it easier for individuals and businesses to engage in commerce.

In addition to convenience, digital payment gateways and wallets provide enhanced security, protecting against fraud and data breaches.

Furthermore, these platforms facilitate faster transaction processing and settlement, enabling businesses to receive payments quickly and efficiently.

By transcending geographical boundaries, companies can now reach customers worldwide, opening up new opportunities for growth and expansion.-herald