The payroll processing arena has got a new entrant now, that is, MyCash. Processing payrolls will see MyCash process salaries of other companies employees and also administer the associated taxes of the processed salaries.
MyCash’s payroll service is its one way of broadening its appeal to its customers, more so, its enterprise customers. I think venturing into payroll processing, MyCash wants to utilize its growing customer base of enterprises. Or it could be expecting this customer base to increase. Getting back to MyCash’s ‘ broadening appeal’ point, it recently introduced a service which allows its customers to make RTGS transfers with their MyCash accounts.
In its quest for success, obviously, a large customer base of enterprises is necessary for MyCash to be in a strong position to compete with seasoned payroll processors and gain market share. But I would like to believe that the market is stagnant or shrinking gradually given that many companies are going under in Zimbabwe. At the same time, the market can become one giant of a market if many businesses formalize their operations in Zimbabwe. However, this is far fetched. As it is 60% of Zimbabwe’s economy is informal.
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