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Postal company Zimpost has launched a new money transfer service, Zipcash, that allows Zimbabweans to send money locally and internationally using an electronic platform.Speaking at the official launch on Monday, Information Communication Technology, Postal and Courier Services Minister Webster Shamu said the innovation was poised to bring competition to the money transfer business.
“With a network of 760 000 post offices worldwide, money transfer has been made easy and convenient through Zipcash,” he said.
Zimpost managing director Mr Douglas Zimbango said this innovation was part of efforts to incorporate the use of ICT in its operations.
“The post office used to do the old money order where paper was moving from one post office to the other.
“Now we have put Zipcash to the electronic platform, what it means is that if you get into any post office whether it is online or not in terms of connectivity you will be able to send your money and it will reflect to the other office almost immediately,” he said.
Internationally, he said transactions could be done in countries including Nigeria, Tanzania, South Africa and Botswana as co-operation agreements had already been signed with those countries while negotiations with other countries would be held.
“On Thursday last week we got authority from the RBZ to be able to send money outside the country, so now what we are doing we are linking up with specific post offices the world over so that you can send money to any destination in the world as long as there is a post office.
“The principle is the same because this technology was developed by the Universal Postal Union which is the mother body of all post offices in the world.
“We want to be cheaper than the rest of the money transfer agencies because we are using an already established network and because we are the post office we are not charged other tariffs that the commercial transfer agencies are charged so we will use volumes rather than high mark-ups,” said Mr Zimbango.
He said for areas that did not have post offices, Zimpost had purchased 15 caravans that will act as mobile outlets to service those areas. — New Ziana.
Bongani Ndlovu
Online Reporter