BancABC partners Mastercard to launch Zim’s first all-inclusive payment card

Sub-Saharan Africa bank, BancABC Limited has partnered with Mastercard in offering an all-inclusive card known as the dual pan card, which links the customers’ nostro and local account to one card.

Mastercard is a financial services business that primarily generates revenue from gross dollar volume fees. Mastercard cards are issued by member banks with the Mastercard logo and are characterized as open loop.

BancABC Chief Executive Officer, Lance Mambondiani said BancABC becomes the first bank to offer both Zimbabwe’s national payment switch (Zimswitch) and Mastercard services in Zimbabwe.

“Our customers can transact with ease and convenience. This is also a momentous period for us, and it has come at a time where BancABC is receiving recognition for digital advancement,” the BancABC said.

The card comes in four types that cater to every customer’s need. The four cards are the mass-market card, emerging affluent card, private banking card and the commercial card. The cards are instant, and the customer can select a pin of their choice.

According to the Bank, the mass- market card can be used for various daily transactions that are within a certain amount range, the emerging affluent card comes as a multi-currency combination card and can be linked to as many as 4 wallets for middle-income customers, the private banking card will cater for the private banking club members and it comes with benefits such as emergency card replacements, a self-service portal on mobile to manage cards, and lounge key access and the commercial card can be used to purchase raw materials online and easy switch to local purchases, thanks to the dual pan feature.

Mambondiani added that this initiative has given way to a contactless technology feature for our customers also known as the contactless card.

“Resultantly, the bank will secure chip and pin functions on card thus giving them a contactless capability in the Zimbabwean market for both local and international transactions,” he added.

In addition to this, the cards can be managed through BancABC’s A360 app and USSD platform on *243# leading to increased convenience.

“This digital advancement is a milestone in Zimbabwe’s financial services sector, and we are confident that greater achievements are on the way,” BancABC said.

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