AFC Commercial Bank (AFC) has launched its US prepaid Visa card for domestic and foreign transactions in order to unlock new business opportunities as part of its national financial inclusion strategy.
AFC, a subsidiary of AFC Holdings, one of the 30 entities under the Mutapa Investment Fund, has implemented a diversification and financial inclusion strategy in line with national efforts to provide clients affordable and accessible financial products.
The national financial inclusion strategy is part of the government’s quest to include the unbanked population into Zimbabwe's financial systems.
In an interview with Standardbusiness following the launch of the Visa card in Harare last week, AFC managing director Ken Chitando said they were providing their services to their clients and non-clients.
“The fees are quite reasonable; they are in line with Visa recommended fees.
“You know, that’s why I’m saying that you are much better off using this card when you go out of the country rather than when you're in the country,” he said.
“Because relative to using a domestic card in-country, it will be a lot more expensive using that for that purpose.
“But, when you go out of the country, you will find that the fees are comparable.
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We are open to clients as well as non-clients, and it is our intention to get as many non-clients as possible because we are then, you know, driving the financial inclusion agenda.”
He added: “So yes, they can be used, you know, locally, but then the benefit really is when you are going out of the country, and you can use them when you have pre-loaded them.”
The new US prepaid Visa cardwill also allow the cardholder, both an AFC client and non-client, to withdraw money from automated teller machines (ATM) at any of the bank’s 46 branches or points where the ATMs are located.
Chitando said the introduction of the visa card was the first for the bank as it only had domestic cards all along.
“So, previously we didn’t have any international cards, we have just had domestic cards, which you use on your point-of-sale systems, but, within Zimbabwe," he said.
“But, what this (US prepaid Visa card) does is that it enables our clients to be able to travel outside and use the cards when they have pre-loaded them.”
AFC chairman Herbet Makuwa said the bank was implementing various innovative strategic initiatives that could catapult its success in offering unparalleled and cutting-edge financial solutions to the customers.
AFC also established an exclusive private banking branch.
“I am particularly excited about the Visa platinum card as I believe this product was made specifically for the DIY (do-it-yourself) selling client, like yourselves here, one who deserves recognition and befitting access to the finer things in life, not just here in Zimbabwe but the world over,” Makuwa said.
“Some of the standard benefits of this card is that it caters to the lifestyle needs of our high-value clients, including access to discounts at selected international hotels, selected rental services, and access to airport lounges at regional and international destinations.”
