FINANCIAL services provider, Nedbank Zimbabwe says this week’s move to partner the American Express will benefit the country’s tourism industry.
Nedbank Zimbabwe on Tuesday launched the American Express merchant, which allows the bank to acquire merchants and enables international card holders to use cards in Zimbabwe.
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success.
Nedbank Zimbabwe executive head of origination and sales Heresy Herry told businessdigest that before the product’s entry, tourists had been forced to look for solutions in neighbouring countries.
“You would find that about 40% of tourists that come into Zimbabwe carry American Express cards,” Herry said.
“The average American Express card holder enjoys about three times the purchasing power, more than any other competing brand’s customer.
“So, that is the level of business that was being missed by Zimbabwe because there was no service provider with an ability to offer transactional capabilities, which allowed tourist merchants to acquire that business.
“The solution that we are offering enables tourist merchants and players to be able to receive the swipes.
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“We will have point-of-sale devices that we will churn out into the market so that the tourists will then come with their American Express cards, they will then swipe on our devices,” he said.
Herry said those that would want to do online payments will be able to ride on the company’s e-commerce platforms.
“When that solution was not available, tourists were forced to look for that solution in countries like Kenya and South Africa. We were depriving our country of deposits and crucial liquidity,” Herry added.
Nedbank Zimbabwe is a unit of the Johannesburg Securities Exchange-listed Nedbank Group, whose footprint spans across southern Africa.
Nedbank is the first licensee to acquire merchants for American Express in the country. This also enables international American Express card members to use their cards both physically and online.
