Cross-border remittance company ZymPay signed a deal with ZB Bank to provide a payment gateway for those in the Diaspora to pay school fees for relatives back home. The institutes have teamed up to enhance ZB Bank’s education offering and take significant strides on the path towards #FinancialInclusion and #InclusiveGrowth.
Announcing the launch, CEO and Chairman of Zympay Mr Dakshesh Patel, said “This partnership will offer our schools, universities and colleges a secure digital payment solution that ensures that fees are paid on time, directly into the ZB account with all reference details available. The solution as I have noted before offers peace of mind to the sender as it eliminates the middleman in the process and affords the sender further value through the 7% incentive from the RBZ.”
Education in Zimbabwe is respected and hailed as a cornerstone enabler for young people. However, equitable access to it has gone from a basic expectation to a key struggle for families across the country. Children being sent home from school for non-payment or late payment of fees is an all too frequent reality experienced by too many children, since both government, as well as private schools, require fee payment. Schools form a large part of ZB Bank’s client portfolio, with 70% choosing to bank with them.
“Education is a fundamental investment for any family, and providing innovative but simple ways for families to pay school fees is vital. We are delighted to strategically partner with ZymPay – a world-leading Bill Pay Marketplace – to provide an innovative way for clients locally and in the diaspora to support their loved ones in making direct School fee payments” Ronald Mutandagayi, The ZB Financial Holdings Limited Group Chief Executive Officer.
Zimbabwe is currently in the middle of a cash crisis, with the demand for physical notes outstripping supply. And the country’s citizens are becoming concerned about a return to hyperinflation.
The system delivers a seamless cross-border digital payment service direct to the school’s account in ZB bank from overseas. This method is cheaper than money transfer and will remove local transaction charges that consumers normally pay for.
