ZB Bank has partnered with Fidelity Printers and Refiners to launch a pre-paid card, which brings financial services to small-scale miners.
BY TAFADZWA UFUMELI
The move also dovetails into the national financial inclusion strategy.
The card is going to help miners formalise their business and it works as a bank account. It is linked to a mobile number for increased functionality, convenience and enjoyment.
Speaking during the launch of the card, ZB Financial Holdings chief executive Ron Mutandagayi said: “ZB continues to play its part in the development and growth of the mining sector through a dedicated mining desk. We remain committed to offering many other services including lease hire facilities and other loans to capacitate your production capacity.”
The card is not tied to a ZB account and it can however, make transactions on ATMs, agent point of sale (POS) and merchant POS and ZB Bank.
The charge on cash withdrawals is 0,35% of the amount, attracting a minimum charge of $2 and a maximum of $2,50.
POS on ZB machines charge is $0,20 inclusive of government tax.
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The card allows the miners to make deposits, cash withdrawals, funds transfers and POS transactions among others.
ZB has a number of branches where Fidelity Printers have set up gold buying centres and in return ZB offers banking services to miners in its banking halls. The card also allows miners to receive the 5% export incentive introduced by the central bank to boost exports.
ZB said it was coming up with various financial products and services to leverage on developments in the mining sector such as the removal of export ban on chrome ore, the suspension of the 15% export tax on unbeneficiated platinum to January 2017 and introduction of the export incentive.
“Gold is indeed key and we are pleased to be launching our plastic money product and also sharing with you other products and service to make your lives and business transactions easier”, Mutandagayi said.
ZB said the card would enable miners to access loans under the bank’s trinity loan scheme.
