Many families have gone beyond our borders in search of greener pastures. Across borders they met different fortunes. Many have helped their families back home financially through various platforms of sending money back home.
However due cash crisis and economic hardships which rocked the country, receiving money (usually foreign currency) has been a hustle as many banks are operating on tight budgets. This has inconvenienced the payment of bills for families in the diaspora.
Also sent back home through facilities such as Moneygram, Western Union, Mukuru etc attracts a certain percentage from the sender hence the more money one send the more expensive it becomes.
In a bid to counter all these inconveniences, ZB bank has come up with a solution to make life easy when they introduced a payment gateway for those in Diaspora to pay school fees for relatives back home. More often relatives with families or guidance in the Diaspora have found it difficult in this cashless era where plastic money has taken over.
Nowadays credits cards and other money transfer facilities such as Ecocash, Telecash, OneMoney are used to pay bills and school fees. It has then become a nightmare for those who receive money from Diaspora as they will need to get the money (hard cash) first from the bank and then pay bills.
Therefore the partnership of cross boarder remittance company ZymPay and ZB bank will come in hand to make life easy in school fees payments for those with relatives in the Diaspora. The institutes have teamed up to enhance ZB Bank’s education offering and take significant strides on the path towards Financial inclusion and Inclusive Growth.
Speaking on the launch of the deal, 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”.
The partnership will also boost the bank’s revenues as schools form the largest client portfolio of 70%, also will increase the number of clients as this deal will facilitate early school fees payments.
Speaking on the launch, ZB Financial Holdings Limited Group Chief Executive Officer, Ronald Mutandagayi hailed the innovation. “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” he said.