CBZ Bank joins the zero-rate revolution

Valentine Muhamba

15 May 2021

Back in December 2020, Stanbic Bank shocked us all when it announced that it would be zero-rating its banking platforms. This means that you won’t need data to access any of Stanbic’s customer channels like the app and its website. At the time, I had my doubts as to other banks joining in and boy… was I wrong. Since that time there has been a slow domino effect with Nedbank and First Capital Bank announcing that they have zero-rated their bank apps. And now we have a fourth entry as CBZ has announced that it too has joined the zero-rate revolution.

“In line with the Bank’s thrust to continuously develop innovative and low-cost customer centric products, we are pleased to advise that the Bank has zero-rated CBZ Touch Mobile App.”
CBZ Bank

This means that you can now use the CBZ Touch mobile app without needing any data. And as with Stanbic, Nedbank and First Capital the service is for Econet subscribers only which is a shame really. As I have said a number of times here, zero-rating isn’t free. It’s basically reverse charging which means your bank is paying for the data you consume while on its platforms.

Econet to its credit has hopped on to this quickly in order to make as much as they can because telecoms companies are ailing for a number of reasons. The most important one is, of course, foreign exchange losses which are gutting Zim’s MNOs.

With the situation the way it is for mobile operators, one would imagine that Telecel and NetOne would also jump on to the zero-rate wave. But for reasons unknown, there has yet to be a bank offering zero-rating for its customers on Telecel or NetOne.

Hopefully this changes soon because with four banks now zero-rating through Econet, NetOne and Telecel could soon see subscribers shift, making Econet an even bigger behemoth…

Banking

4 comments

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Samuel Mazuru

16 May 2021 20:20

I am a stanbic bank customer

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Mvecks

16 May 2021 20:40

Well there you have it, yet another perfect answer to the previous article here on tech zim titled “Why are you still using ecocash?”.The facts are clearer now, the other opperaters are docile.Econet are simply running away with the button stick with NetOne no where in sight. Well done to econet for these amazing partnerships with the banks!State companies the problem is they have “daddy”(Government) to fall back on when things aren’t going well, so there are really not motivated to innovate because they can be allocated a budget and bailed out with tax payers money. Not sure if NETONE is still government owned but their lethargic performance can be traced to that relationship.The Banking industry is cut throat competitive you can’t afford not to join this zero revolution.The Banking sector is especially very susceptible to technological changes,in an era of Remote working,Artificial intelligence, blockchain technology,Augmented reality, and virtual currencies it’s one industry whose existence as we know it is now teetering in the brink of extinction,They gotta stay on their toes, not resist but allow themselves to undergo a high-tech induced metamorphosis, keep up to speed and embrace fully, these sort of innovations,as opposed to stiffening their necks and continue in the traditional ways of doing things, otherwise as they say you snooze you loose!

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D

16 May 2021 23:27

My heart bleeds when occasionally I am forced to buy data on my Econet line to use the Ecocash data app.

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Mvecks

17 May 2021 00:42

D 😂😂😂you have a point! Not to mention that they charge you when buying airtime with your ecocash balance. They are not part of the revolution they are mere enablers…
Lack of competition is bad.. Econet is a near monopoly.😏

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