ZipCash Processed Over $30m So Far

Zimpost has processed transactions worth over $30 million under its Zipcash money transfer facility since it launched the service in October last year.The money transfer service allows Zimbabweans to send money locally and internationally using an electronic platform.

 

Zimpost managing director Mr Douglas Zimbango told New Ziana the facility was performing reasonably well.

 

“We are now competing very well with other money transfer services,” he said. “Since we launched last year we have pushed over $30 million through the system mainly driven by activity at the border posts.”

 

Mr Zimbango said the money transfer facility was relatively cheaper than other transfer services since it was riding on an already existing network developed by the Universal Postal Union (UPU).

The UPU, based in Switzerland, is a specialized agency of the United Nations that was created to co-ordinate postal policies and to organise and improve postal services throughout the world.

 

 

Mr Zimbango said due to interconnection with other post offices globally, Zimpost had an advantage over other money transfer agencies.

 

“The difference is that Zipcash can go international whereas other money transfer services are of one direction. We can send to other countries. We have been licensed by the Reserve Bank of Zimbabwe and our charges are very reasonable, why, because we are using a system that is transaction based, our system is a system that was developed by the UPU,” he said.

 

He said the service was now available in West Africa, having started in the SADC region.

 

“As we speak we are finalising with Nigeria. So besides the SADC countries we mentioned last year, we are now in West Africa. We have already signed, what is left is a bit of logistics,” he said.

 

Mr Zimbango said eventually they would connect the service to Europe.

 

Introduction of the money transfer service replaced the old money order system which was slow as it required moving paperwork from one post office to the other.

 

For post offices that are not connected to the internet, Zimpost said it would employ the use of a cell phone to conduct transactions.

 

The money transfer facility was launched as part of efforts by the postal and courier services provider to incorporate the use of ICTs in its operations. It is also a product of the $3 million computerisation drive that Zimpost is implementing. – New Ziana.

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