Last week, we posted that ZimSwitch was launching a mobile banking service called ZimSwitch Mobile and that it would start rolling out the service to banks before the end of September, with more banks following. Immediately after we posted that article, a reader sent us a tip that the service was already live at CABS.
FBC, one of the largest local banks, today started advertising its mobile baking service running on the ZimSwitch Mobile platform. It’s called Mobile Moola. The advert ran as a teaser much of the week touting the service as a “faster faster” one.
The product works much like the old ZimSwitch service except this time transfers or payments can be made over a mobile phone. FBC itself explains in the advert:
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The new FBC Mobile Moola card is your new ATM card, which can send money from your card to anyone with a mobile phone, on any network. Plus you can use the card to do many other banking transactions within the bank and on ZimSwitch enabled ATMs and POS devices.
The clear difference of this mobile service from the recently launched EcoCash is the need for a customer to open a bank account.
ZimSwitch is a third party transaction processing platform used by some Zimbabwean commercial banks. It was formed upon the signing of a partnership agreement of 8 local financial institutions in 1994 to facilitate the shared use of automated teller machines (ATM’s) and point of sale (POS) facilities throughout Zimbabwe.