ZB Collaborates with ZymPay

3 August 2018

ZB Bank collaborates with ZymPay to Go Big on innovation for education

Global payments provider, ZymPay and ZB Bank team up to facilitate digital payments for school fees, both locally and from diaspora Harare, Zimbabwe: Underlining its commitment to #GoBig in 2018, ZB Bank has partnered with, UK headquartered cross-border payments enabler, ZymPay Limited. ZymPay works with leading banks and financial services providers in Africa, Europe and Asia to facilitate cross-border payment of bills through digital innovation. The trailblazers are teaming up to enhance ZB Bank’s education offering and take significant strides on the path towards #FinancialInclusion and #InclusiveGrowth.

In a move that makes a very big, bold and encouraging statement about the bank’s investment in education and its openness to innovation, technology and cross-border partnerships, the news reinforces the message that Zimbabwe is indeed open for business.Education in Zimbabwe is respected and hailed as a cornerstone enabler for young people. However, equitable access to it has gone from a basic expectation to a key struggle for families across the country. Children being sent home from school for non-payment or late payment of fees is an all too frequent reality experienced by too many children, since both government as well as private schools require fee payment. Schools form a large part of ZB Bank’s client portfolio, with 70% choosing to bank with them. Cognisant of fee payment challenges faced by individual customers, and the implications on families and schools, ZB Bank has responded with this partnership which offers benefits on 2 levels:

1. Individual clients (local and in the diaspora): a way to pay fees directly to schools via the simple, cost effective, convenient (via mobile devices) and contemporary ZymPay portal

2. Schools: benefit from digitised fee processing mechanism enabling direct payment against individual student accounts, direct to the school’s bank account.

“Education is a fundamental investment for any family, and providing innovative but simple ways for families to pay school fees is vital. We are delighted to strategically partner with ZymPay - a world leading Bill Pay Marketplace - to provide an innovative way for clients locally and in the diaspora to support their loved ones in making direct School fee payments” Ronald Mutandagayi, The ZB Financial Holdings Limited Group Chief Executive Officer. In addition to education, ZB Bank’s strategic focus extends to renovation of its technological infrastructure and better position itself for digital delivery of its service offerings, most recently, in Mutare. Speaking about the recent upgrade to the bank’s Mutare branch: “Prior to our arrival in Mutare, the unbanked community accounted for a significant percentage of the population with most saving at home, in stokvels (round groups) and those who believed in ‘keeping the wealth within the family’. Our presence in Mutare is not merely a business decision but a community development based one, where we seek to research and identify challenges and  obstacles to growth and proffer solutions.”

This solution focused research has brought ZB Bank and ZymPay together in what looks like a powerful and value aligned partnership. Zimbabwean born Dakshesh Patel, CEO of ZymPay comments:

“Digital solutions that support Financial Inclusion and supporting initiatives to make payments for education and healthcare easier is at the core of our value proposition. We are delighted and privileged to strategically partner with ZB Bank to support and deliver such a simple but vital solution to support Zimbabweans in the diaspora. We look forward to developing many more financial services solutions to enable easier access to the country for Diasporans and investors seeking to make cross border payments”

About ZB Bank: ZB Bank has its origins in Netherlands Bank ofwe South Africa which commenced banking operations in 1951. These operations were sold to the Netherlands Bank of Rhodesia in August 1967 and the company changed its name to Rhodesia Banking Corporation Limited in 1972 and then Rhobank in 1979. After the acquisition of a majority shareholding in the company by the Government of Zimbabwe in 1981, the company changed its name to Zimbabwe Banking Corporation Limited. The Bank became a subsidiary of Zimbabwe Financial Holdings Limited (FINHOLD) in 1992 following a restructuring of operations in which nonbanking operations were removed from the Bank. The bank was renamed ZB Bank Limited in 2006 following the adoption of a monolithic brand by the group. 

About ZymPay: Headquartered in London, ZymPay facilitates the cross-border payment of bills end-to-end. Through standardisation, ZymPay delivers value for senders and financial inclusion for their recipients. ZymPay’s digital services allow institutional partners to reach Diaspora and acts as a channel solution to banks and corporates for cross-border services. ZymPay applies consistent KYC/AML compliance across all markets.

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