First Money Microfinance launches Debit Card to benefit informal traders

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By Business Reporter

THE card launched by First Money Microfinance Services (FMFS) has launched a their ‘financially inclusive’ iSave Debit in a development that will help spur growth in the country’s informal economy.

FMFS chief executive office, MacJones, Hunduza told NewZimbabwe.Com Business that they were inspired to launch the product by to the country’s evolving and dynamic departure from cash.

“As Zimbabwe leads (second from Kenya) the dash from cash in Africa, First Money Microfinance which was founded in 2016 has launched its iSave Debit card on the local market in partnership with Steward Bank.

“The microfinance institution which brands itself as a Fintech, operates from seven (7) branches in major towns nationwide,” he said.

Hunduza highlighted that the innovation demonstrates how the microfinance firm is committed to lead in the digital money space in this cashless economy in its quest to drive the financial inclusion agenda.

Financial inclusion is at the core of the institution’s operations.

We offer a range of financing solutions including working capital loans, group loans, medical, educational, agriculture and bridging individuals and micro enterprises including vendors,” he noted.

The banking group seeks to adopt the Bangladeshi model of microfinance that aims to empower one individual member in order to help the next individual who is currently underserved in the financial ecosystem by banks, with the useful and affordable financial services that meet their basic personal or business needs.

The entity recent which is owned by United Kingdom-based private investors recently received capital injection from the wholesale Zimbabwe Microfinance Fund and is plotting to take the microfinance innovation space by surprise again within the next few months.

Operations Manager Andrew Munonagira added that the company aims at providing access to affordable, convenient and reliable services to currently underserved communities country wide.

“This iSave debit card allows customers (whether loan or non-loan customers) to transact on all Zimswitch point of sales,” he said.

He highlighted that mentioned that the company introduced this unique debit card in response to the demand from customers operating in the cashless economy.

“The 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, USSD based banking platform, telephone and online banking,” he added.