HARARE, June 23 (NewsDay Live) - The African Banking Corporation of Zimbabwe Limited (BancABC) has signed a five-year strategic partnership with Visa aimed at accelerating digital payments innovation, and enhancing customer experience.
The agreement is expected to strengthen BancABC's digital banking capabilities while expanding access to secure and convenient payment solutions for its customers.
Speaking at the signing ceremony in Harare this Tuesday, BancABC managing director Tawanda Munaiwa said the partnership would reinforce the bank's position as a leading provider of digital banking services by leveraging Visa's global expertise in payments technology and innovation.
“This agreement with Visa is an exciting development for customers using BancABC Visa cards. The partnership is expected to further strengthen BancABC's position as a leading provider of digital banking solutions while leveraging Visa's global payment expertise, technology and innovation capabilities,” Munaiwa said.
He said the collaboration would also support the bank's financial inclusion agenda by encouraging wider adoption of electronic payments across retail, small-to-medium enterprises (SMEs) and corporate clients.
Visa manager for Zimbabwe, Taurai Mpofu, said BancABC offered a wide range of products tailored for different customer segments.
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“We have a number of Visa products, including cards for students, the Chinese community and walk-in customers. Customers do not necessarily need to be account holders to obtain a Visa card, making our products highly accessible,” Mpofu said.
He said customers could access Visa cards through branches, kiosks, agents and direct sales representatives operating within communities.
“We are also developing products for affluent customers. Our cards are designed to cater for different market segments, with pricing structures and transaction limits suited to their needs,” he said.
Mpofu added that the bank's Visa cards could be used globally.
“We recently introduced virtual cards, meaning customers do not necessarily need a physical card to access Visa services. They can obtain a virtual card and use it anywhere in the world where Visa or Mastercard is accepted,” he said.
BancABC said customers would benefit from services such as virtual cards, digital card issuance, mobile tap-to-pay technology, e-commerce payment solutions and remittance services.
“Customers will be able to receive and send remittances instantly, while merchants will have greater access to e-commerce payment gateways. These are some of the benefits BancABC clients can expect from this partnership,” the bank said.
Meanwhile, BancABC has earmarked about US$5 million for capital projects in 2026 as part of its growth strategy.
Munaiwa said the funds would be directed towards technology upgrades, digitisation initiatives, fleet renewal and clean energy investments.