Telecel launches mobile banking facility

banking transactions on their cellphones across all mobile phone networks and financial institutions.
The facility will allow customers the convenience to transfer, withdraw, deposit, and receive money using their mobile phones round the clock.

Telecel said subscribers could transfer up to US$1 000 at any given moment. Customers will also be able to obtain mini-statements of their bank accounts, pay bills, carry out intra and interbank money transfers and buy airtime.
Telecel has partnered ZimSwitch Mobile in the project that will enable all banks connected to the ZimSwitch network to offer mobile banking services.
These will soon revolutionalise the way banking is done in Zimbabwe and enhance financial inclusion by enabling the unbanked to access financial services.

Telecel marketing director Mr Obert Mandimika said mobile banking would become widely available through their partnership with ZimSwitch Mobile.
“This partnership makes it possible for ZimSwitch member financial institutions to make use of Telecel’s mobile banking platform to offer customers the convenience of using their mobile phones to send money and to deposit money and withdraw money from their bank accounts,” he said.

Those without banking accounts can still receive money and redeem it at participating banks or approved agencies displaying the ZimSwitch signage.
This will be done on the cellphone using the ZIPIT, facility that generates a message used to redeem cash at banks or agencies displaying ZimSwitch signage.

Customers can also open mobile banking accounts with participating banks. Efforts are underway to cover unbanked rural folks.
The mobile phone operator has already connected Kingdom Bank on its mobile banking platform while CABS, POSB and Interfin are either ready to roll out banking services on the Telecel system or will start doing so

soon.

As more banks come on the ZimSwitch, it is expected that by the end of the year 85 percent of banked individuals will be able to access mobile banking services.
Interfin head of marketing Mr Palmer Mugavha said the cost of banking services would be greatly reduced, as the parties in the project will share infrastructure.

He said service providers would also enhance the quality as each of them would concentrate on core competencies to ensure convenience for customers.