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Zimpost upgrading Zipcash facility

by Staff reporter
18 Jun 2020 at 08:26hrs | Views
ZIMPOST is in the process of further developing its money transfer service, Zipcash, in line with global trends to enable it to sit on the digital platform that will make it faster, more convenient and accessible on the virtual post office.

The company's postmaster-general Sifundo Moyo told NewsDay Business in emailed responses that Zipcash was currently underperforming due to stiff competition from mobile wallets.

"Zipcash is an electronic money order which enables Zimbabweans to send and receive money locally at very minimal costs using the Universal Postal Union International Financial System (UPU, IFS)," he said.

"This product has stiff competition from mobile wallets. The electronic money order service is in the process of being further developed in line with global trends to enable it to sit on the digital platform that will enable it to be faster, more convenient and more accessible on the virtual post office," Moyo said.

Zipcash is a low-cost money transfer service that allows customers to send or receive money locally and internationally through the postal network.

Its local competitors are EcoCash, OneMoney and TeleCash, among others. Currently, the company is carrying out transactions using Zipcash with countries such as Lesotho, South Africa, Botswana, Kenya, Nigeria and Tanzania.

Zimpost is also offering international money transfer services re-activated for World Remit, MoneyGram and Small World, paying recipients in foreign currency.

Moyo said their Post Bureau De Change services were now being offered at 21 post offices across the country, offering small value transactions that involve on-spot buying and selling of foreign currency or change currencies which might be in the form of bank notes, coins, international debit cards, Zimbabwe dollars, mobile money or bank balances.

"Through this variety of innovative value-added products and services, Zimpost believes that it is making a difference in the lives of people and communities at large," he said.

Source - newsday

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