ZB Financial Holdings is working towards the introduction of Visa cards in the third quarter of the year.
BY TARISAI MANDIZHA
Visa is a global payments technology company that connects consumers, businesses, banks and governments in more than 200 countries and territories, enabling them to use digital currency instead of cash and cheques.
ZB Financial Holdings chief executive officer, Ronald Mutandagayi said substantial progress has been made towards the reintroduction of the Visa card and the launch was expected by October.
“We are in the process of working with the Visa to ensure that we comply with Visa standards, what we call Plastic Card Industry Data Security Standard. You need to be certified to make sure that your cards meet Visa requirements. That process requires us to work with professionals, who will take us through the systems. We may need to invest in certain items of equipment to make sure we meet those standards,” he said.
Mutandagayi said the nostro challenges were the major delay for the unveiling of the Visa cards.
“So, we are doing that, but the delays are generally arising from the fact that if you have to pay a service provider from outside the country, there have been delays arising from the nostro situation we are finding ourselves in. We are going to have Visa card in the third quarter of this year,” he said.
Mutandagayi said they had re-engaged foreign correspondent banks resulting in the reactivation of United States dollar, euro, pound and South African rand accounts.
ZB, which was placed under sanctions in 2008, was removed from the list by the United States Department of Treasury’s Office of Foreign Assets Control in October 2016.
ZB and several other Zimbabwean companies were included on the list of specified individuals, resulting in the seizure of millions of dollars for a few affected firms.
The government has 24% shareholding in the bank.