CABS, ZymPay in Diaspora mortgage deal

HARARE - Cross border bill payment business ZymPay has entered in a strategic partnership with Central Africa Building Society (CABS) in Zimbabwe to facilitate payments from their Diaspora mortgage customers.

This service is for CABS mortgage customers in the United Kingdom, Europe and Switzerland. Other countries will follow in due course.

Now mortgage customers with CABS — the largest mortgage bank and part of Old Mutual Group — can pay in just a few clicks, using their regular bank debit card without the inconveniences of money transfers, local deposits or payments into other banks to get it to Zimbabwe, according to ZymPay chairperson and CEO, Dakshesh Patel.

Fees are on a sliding scale but capped and far better value than making a bank transfer, he said. Plus, ZymPay provides competitive and fair exchange rates too.

Headquartered in London, ZymPay facilitates the cross-border payment of bills end-to-end.

Through digital innovation, ZymPay delivers value for senders and their beneficiaries.

ZymPay’s digital services also enable institutional partners to reach their Diaspora customers in managing their cross-border collections for their products and services.

ZymPay already operates this type of service for insurance groups like Zimnat Sanlam and Madison Life. ZymPay also partners with other groups such as Gain Cash and Carry, Apollo Hospitals Group and many other service providers in four countries.

With this new system, using ZymPay, the minute you pay online, you get an instant notification of your order and your transaction account at CABS in Zimbabwe is credited within 24 hours and you will get a receipt by email, Patel said.

“This strategic partnership with CABS has simplified the process of mortgage payments in Zimbabwe. It is endorsed by CABS, making it the go-to solution for mortgage payments for CABS customers and Zimbabweans everywhere,” he said.

The Zimbabwe Diaspora Investment Group (ZiDIG) have welcomed the announcement.

“We congratulate ZymPay on their partnership with CABS and we endorse it,” said Taffi Nyawanza, the ZiDIG CEO.

“We will be formally announcing our own formal partnership with ZymPay to handle all our payments as they have moved seamlessly to build a comprehensive payments handling eco-system which ticks all the boxes, certainly from our members’ perspective.”  

ZiDIG is a UK company incorporated in January 2017 and which groups together shareholders to invest in Zimbabwe. It has a trade mission to Zimbabwe to respond directly to the invitation of the president’s call to the Diaspora to invest in Zimbabwe.     

CABS mortgage clients using ZymPay will benefit because there will be no money transfers, no swipe costs or mobile wallet charges, lLower costs than bank transfers, competitive exchange rate, immediate notification of payment receipt, credit to CABS account within 24 hours and the system is convenient, secure and quick.

Patel said the CABS endorsed partnership with ZymPay provides security and authenticity.

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