Financial services aggregator, ZimSelector, introduces internet payments feature

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Marnet Mpofu, left, speaks at an event hosted by Luke Ngwerume

Marnet Mpofu, left, speaks at an event hosted by ZimSelector. Sitting next to her is Luke Ngwerume, the founder of ZimSelector.com

ZimSelector, the Luke Ngwerume founded online financial services aggregation startup, announced yesterday that they have just enabled ZimSwitch Vpayments on the service. With the new internet payments option insurance buyers in Zimbabwe will be able to select and buy insurance on the website using bank cards issued by any of the ZimSwitch shared services enabled banks locally. These include CABS, CBZ Bank, FBC Bank, POSB, Trust Bank and ZB Bank.

Speaking yesterday at the presentation of a prize for a competition that they ran on the site as part of the launch, Ngwerume said the new payment feature means Zimbabweans don’t need to physically visit an insurance company to be insured. “The whole process, end to end, can now be completed online including the payment. the policy and other things can then follow”

Ngwerume said in the coming weeks more insurance companies would be signed up to service starting with CIMAS (a medical aid society) in the next coming days. Other companies to be added in the coming weeks include Zimnat, Old Mutual and CBZ. ZimSelector is currently creating mini sites on ZimSelector for all the individual companies and will only introduce the actual aggregation – where visitors can search and compare quotes from different insurers on one page – in the second phase.

Ngwerume said they had to build the mini sites first as the financial institution’s websites are currently not built for transactions, and transacting is essential the ZimSelector’s model as they will make their money when visitors transact.

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When the aggregation service is live, visitors won’t see the insurance brands on the homepage but will be presented with a list of products that they can choose and compare quotes at the click of a button. ZimSelector tech integration manager, Paul Muchenje, demoed the aggregator version of the website yesterday. Our view from that is the product is positioned to significantly change how people, especially young professionals and Zimbabwe’s Diaspora market, access insurance and other financial services in Zimbabwe.

Yesterday’s event was attended by Zimbabwe’s Insurance and Pensions Commission Commissioner, Marnet Mpofu, who said that ZimSelector was a new type of player, to register it, they “had to go back to the statute books of the insurance industry” to understand how to deal with the startup. The main issue, according to her, was the new multiple agency type of company which, before ZimSelector, just wasn’t there. Mpofu also said as a commission they are excited with the new service.



One Comment

  1. Shingi says:

    My name is Shingi and proudly Zimbabwean.
    I am looking forward to a day when we will have, say at least, 75% Zimbabwean solutions for Zimbabwean challenges.
    Its undisputed that sustainable total inclusion of the unbanked and less privileged into the main stream of the mobile financial eco-system will eradicate poverty in Zimbabwe.

    Many thanks to TechZim for this platform to open up debate on the technological, social and financial issues Zimbabwe is facing.

    As a tip, why don’t we have a conference/workshop where we bring on board mobile network operators, financial solutions providers, insurance and financial institutions, POTRAZ, techno savvy individuals, `online editors’ etc and interrogate ourselves so that we come up will inclusive solutions which will take our country to the next level.
    Fighting one another will not take us anyway. This story of eco-chinyi vs texta-chinyi is totally uncalled for childish. Lets have the best of both worlds so that the poor woman in ‘Chakasara’ will see light at the end of the tunnel.
    Its all good to bear in mind that we all have freedom of expression. Its doesn’t matter whether its mindful or senseless.

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