tawandamusarurwa
Online Reporter
GOVERNMENT has commended the role being played by local financial technology companies in driving e-commerce in the country.
This comes as online payment solutions firm, Paynow – which is celebrating eight years in operation – launched a USSD facility that extends digital payment solutions to previously marginalised segments of society.
USSD (Unstructured Supplementary Service Data) is a Global System for Mobile Communications (GSM) protocol that is used to send text messages. Paynow’s USSD facility allows individuals and businesses to process payments through this system.
In a speech read on her behalf by a representative during the launch on Friday, Industry and Commerce Minister Sekai Nzenza said:
“As a Ministry, we depend on innovative Fintech companies such as Paynow, who play a pivotal role in creating, building and nurturing the vibrant future for industry and commerce.
Paynow’s innovative solutions have heralded a new era in for e-commerce in Zimbabwe as they identified a gap in the payment space and moved in with speed and agility.
“(Paynow’s) service has now been extended to previously marginalised segments of society through the recently launched USSD platform, which is highly commendable and resonates well with the country’s financial inclusion agenda.”
Paynow managing director, Vusi Ndebele, reflecting on the company’s journey.
“Paynow was just an idea, born out of frustration with the status quo, and as industry outsiders we decided to do it anyway.
“To build the foundations for e-commerce to be viable in Zimbabwe; to lessen the friction and reduce the cost of trading, and to enable business new business models.”
Online Reporter