The mobile banking service is a new concept in Zimbabwe aimed at bringing banking to the unbanked by enabling them to operate virtual bank accounts at a fraction of the cost of conventional banking and without the need to provide payslips or proof of earnings to open the account.
Subscribers will be able to go to a local partner stores to withdraw or deposit money, using their cellphone as the means of recording deposits into and withdrawals from their virtual account.
Cellphones can now be used to withdraw or deposit money anywhere where there is a bank, supermarket, store, post office or agent that is a partner.
“With this service,” a Telecel spokesperson said, “your bank is your phone. It goes with you wherever you go.”
Subscribers will be able, in addition to withdrawing or depositing money, transferring or sending money or paying for groceries, to make transfers, purchase airtime for themselves or others and make balance enquiries from their home or wherever they may happen to be, using the cellphone.
“There will be no need for people in rural areas to travel to the city or growth point to withdraw money. Once they have received an SMS confirmation that money has been deposited into their virtual account, they can visit the nearest farmer, supermarket, post office or non-governmental organisation that is in partnership with Telecel to collect their cash,” the spokesperson said.