Leading postal, communication and financial services provider in Zimbabwe, Zimbabwe Posts (Pvt) LTD trading as Zimpost has invaded the financial technology (FinTech) space after unveiling its latest products PostMoney and Digital Money Order.
By Toneo T Rutsito
The commissioning ceremony was held today, Wednesday at the state owned company premises Zimpost Kamfinsa in Harare where the branch was dedicated to take care of the mobile money and financial services.
Addressing delegates gathered at the function, the Post Master General Mr Isaac Muchokomori said that they have passed the test of time as a reliable service centre across the nation and now they have fully migrated into the digital service, aptly coining a new phrase “PhyGital” as they dive deep into delivering possibilities
“Post money is the new money in town. It is the next big thing in this country. It will facilitate movement of pensions , government services , online payments , domestic and international remittances over the mobile phones.
“The post office has gone from traditional, to electronic, to mobile and to social. The post office has jumped a decade ahead, and implementing now in terms of adoption.
This is a physical and digital service we are unveiling, hence “PhyGital,” said Muchokomori.
The post money will be mainly used as a mobile money service to take care of daily service transactions like payment of bills and merchant, payment services and airtime top ups across all networks and also cash disbursement,
You may check out the event pictures here.
The Post Master General, however, noted that the PostMoney will have an edge to serve its already existing niche market relying on government based payments and services to cater for for transactions like person to government payment services, tax payments, social grants , developments humanitarian agencies, international remittances, loans, insurance amongst other services.
The PostMoney wallet also comes with a newly launched Sim Card scheme, the sim card allows the users to activate the features and services embedded on the card, allowing every user access be it on feature or smartphone.
The move was deliberately made so to cover the peri-urban and rural community which predominantly use feature phones and have networks capabilities of only 2G in some areas.
Mr Muchokomori added that the PostMoney seeks financial inclusion countrywide and will create employment opportunities while also enabling lending services for SMES to various microfinances.
The PostMoney service will ultimately lowers cost of distribution to social payments and also supports flow of remittance into the country.