VirtualBank A Zimbabwean Startup Enabling The Unbanked to Make Online Payments
The conventional banking system has experienced poor and unimpressive performance in Africa, due to various factors that include and not limited to: poor supporting infrastructure, insecurity and high operating cost. This has resulted to significantly low number of people in Africa enjoying the conventional banking systems as established in industrialized nations.
To address this situation there has been several startups that have come up in a bid to bridge the gap between the banked and the unbanked, by coming up with banking products and solutions tailor-made to best suite the African economic setup. One such startup has been established in Zimbabwe dubbed VirtualBank: a platform through with the unbanked are able to make online payments by just using their mobile money application in their phones.
In addition to enabling individuals make online payments, it also enables African living abroad to use their credit cards to send money to their relatives back in Africa who don’t have bank accounts. VirtualBank is able to achieve this by crediting the recipient’s “VirtualBank Wallet” thus users can move their money to and from their mobile money wallet and their VirtualBank wallet. This is the only company in Zimbabwe that has been able to provide both mobile money wallet and VirtualBank wallet services in Zimbabwe. So far they have rolled out in Zimbabwe and are planning to reach out to more markets outside Zimbabwe after the impressive performance they are experiencing in Zimbabwe.
VirtualBank acts as an online deposit account that unlike the conventional online deposit accounts like cheques, wire transfers and money orders it is a low-cost and internet based. It is also convenient for merchants as it allows them to receive payment for their goods and services in a secure, cost-effective and convenient manner. To see the pricing for their services follow this link.