#MondayBlues stumbled upon information, suggesting that it was actually NMB bank who was the first to publicly pilot test their own Mobile Point Of Service (mPOS), now popularised as Kwenga, after Steward Bank officially branded theirs.
While details remained sketchy as no one from NMB could be contacted for official comment upon the news filtering, sources around the development have divulged to TechnoMag that there were just about to launch the product, before Steward Bank accelerated the move and launched ahead of them.
“These mPOS products have been on an NMB test run for the past three months, I was shocked to then learn that Steward bank went on to claim first ever in Zimbabwe, over a product we always had and was already publicly testing,” queried a source
It appears the NMB team were court flat-footed on the move as they were busy polishing the product, information may have leaked out to the competitor who ended up beating them in their own game.
Steward Bank like any other Econet subsidiary always has a First Mover Advantage (FMA) to come into the market early, make a storm about any product before they completely wipe away the market share for competition to make any significant impact.
With a record of 500 000 bank customers, Steward Bank already has a third of the market which is reported to have been not more 1 600 000 according to latest statistics from the central bank.
The integration of the same service to Ecocash makes it much more convenient for other none Ecocash banked customers to easily move their money from their banks to Ecocash
However the Steward Bank mPOS comes at a major disadvantage, cost, for SMEs already struggling with hand to mouth costs, to then pay for the Kwenga, it remains to be seen how this will be taken up. Kombi owners will also need to be encouraged to folk out $35 per every Kombi they have, all depending on the number of Kombis one has for the cheapest Kwenga.
The last link in the chain is the customer, are they now ready to swipe from Kombi? Given the past 37years, it was the worst move ever against bank charges and other hidden costs, more education has to be done towards this market, as Steward cancel charges for less than a dollar.
The entry of NMB and probably other banks will lead Zimbabwe into a real cashless society, I once stated this move as a pipe dream comparing it to my expreience in the States, well the narrative is bout to change, Watch my next input on Tech Expert Exchange.