Zimpost extends Zipcash onto mobile platform

10 May 2019

Money Transfer

ZIMPOST is working on extending its money transfer service, Zipcash, onto the mobile platform in a bid to boost traffic and increase revenue, acting managing director Sifundo Moyo has said.

Zipcash is a low-cost money transfer service that allows customers to send or receive money locally and internationally through the postal network.

“Zipcash is a product which largely depends on the availability of cash and you are aware the country has been having liquidity challenges,” Moyo told NewsDay Business. “And because of that, Zipcash has also seen a slump and again in line with the technological advancements that are happening around, we are working on extending the Zipcash service onto the mobile platform so that people can transact using their mobile phones — to both send and receive money on that platform.”

Currently, the company is carrying out transactions using Zipcash with countries such as Lesotho, South Africa, Botswana, Kenya, Nigeria and Tanzania. Zimpost is also an agent for other international money transfer partners such as Mukuru, World Remit, Money Gram, Hello Paisa and Western Union. Meanwhile, Moyo said their e-commerce service was still performing below standard due to the current liquidity challenges.

“So far, the uptake is still low because we had issues to do with currency challenges, where items were priced in United States dollars and people wanted to pay in Real Time Gross Settlement dollars, but now that the monetary policy statement has come out to clearly differentiate the rates between the two currencies, it’s now easier for the sellers as well as the buyers,” he said.

The platform allows buyers and sellers to interact and do business online.

Source: News Day