First Money Microfinance launches Debit Card

HARARE - First Money Microfinance Services (FMFS), a fintech with seven branches nationwide, has launched a debit card in partnership with StewardBank.

The innovation called iSave debit card allows customers of the microfinance institution, which was formed two years ago, to transact on all Zimswitch point of sale (POS) machines.

Key iSave debit card features include: no minimum monthly salary required, no monthly service fees, monthly transaction limit of $3 000, access to Ecocash mobile wallet services and access to Mobile App and online banking.

FMFS chief executive officer, MacJones Hunduza, told the Daily News that they have come up with the iSave debit card as part of efforts to promote the financial inclusion of vendors and unbanked citizens.

First Money Launch

First Money chief executive officer MacJones Hunduza (third from left) with some guests during the launch of  the iSave debit card

“This innovation demonstrates how committed we are to lead in the digital money space in this cashless economy and how we seek to drive forward the financial inclusion agenda. Financial inclusion is at the heart of what we do,” said Hunduza.

The FMFS chief executive officer added that FMFS, which is owned by United Kingdom-based private investors, recently received capital injection from the wholesale Zimbabwe Microfinance Fund.

According to FMFS operations manager Andrew Munonagira, the fintech offers a range of financing solutions which include working capital loans, group loans, medical, educational, agriculture and bridging loans to micro enterprises and individuals including vendors.

“Our main aim is provide access to affordable, convenient and reliable services to financially excluded communities country wide. We have come up with the iSave debit card in line with our thrust to help those traditionally shunned by banks. We introduced this unique debit card in response to a huge demand from customers generally not catered for by banks,” he said.

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