In China, their Whatsapp version of WeChat is more than a social media tool. Today it settles billions of dollars every day and used as an actual mode of payment using QR code and tap to go scan devices, which has greatly improved lives of the Chinese.
The biggest ever tech development to happen in Zimbabwe banking sector was never celebrated, unfortunately for most scribes, it was also never documented. Shame on us!
Steward bank has grown to become a big mover, it was the first ever and only bank which almost revolutionized plastic money in Zimbabwe, nudging the then deputy finance minister Terrence Mkhupe to scrape swipe charges for amounts less than $10, the move was the only missing puzzle to complete square.
While most advancing countries into cashless society, Zimbabwe almost had this opportunity.
It somehow managed to slip through us. Like the moon turning red in our sleep, only a few fortunate witnessed it and had some perfect selfie moments
Now they have launched another beast, a major disruptor via whatsapp banking, allowing any bank to bank or to any wallet whether Econet, Telecel or Netone for absolutely no extra charge!
This is revolutionary!
This is the devil in the detail which we must not miss before regulations change.
Technically this means Steward bank has created a way of moving money from any bank or wallet while completely avoiding the punitive 2%, unfortunately this is the power of social media they never embraced.
The reserve bank act does not regulate social media transaction, or settling of it thereof. There is so much that can be done with this opportunity when you think of virtualization and suspense accounts.
This is the biggest miss that Steward Bank made.
Their sosholoza Whatsapp solution i nothing much but an automated whatsapp banking driven by generic keywords or menu options to replace actual USSD input
look out for part 2….