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CABS introduces prepaid MasterCard

The Central Africa Building Society (CABS) has introduced a prepaid MasterCard as part of efforts to bring international transactional convenience to the market.

Bank-cardsManaging director, Simon Hammond, said the new product offering was available for both new and existing customers.

Customers are, however, required to deposit funds in the account in United States dollars to be able to transact online and across borders.

“We are pleased to advise that we have introduced the CABS Prepaid MasterCard, which offers convenience to both existing and potential CABS customers. The CABS Prepaid MasterCard allows you to make easy and secure transactions online or anywhere in the world at ATMs and MasterCard enabled Point of Sale devices,” he said.

“The CABS Prepaid MasterCard is issued instantly at the CABS branch and customers are required to pre-load the card with United States Dollars (USD) before use.”

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CABS joins other banking groups that have introduced foreign currency-based prepaid cards following the acute shortages in the US dollar, which started in 2016 and later led to the introduction of bond notes.

Prior to that that customers could transact online and outside Zimbabwe using their Visa and Mastercards.

Zimbabwe adopted the multi-currency regime in 2009 with the US dollar being the primary currency.

In his 2019 National Budget Finance and Economic Development Minister, Professor Mthuli Ncube, stated the multi-currency system will remain in place.

The real time gross settlement (RTGS) money and bond notes remain the key forms of reference and accounting.

Meanwhile, CABS was named as the best performing local bank in a banks banking survey report last week followed by CBZ.

The two banks have the biggest loan books amounting to $904,69 million and $639 million respectively. The Chronicle