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The <a href="https://www.pindula.co.zw/POSB">People’s Own Savings Bank (POSB)</a> in partnership with Mastercard has unveiled new prepaid and debit cards that will enable customers to make seamless transactions in both domestic and international markets. 
The Mastercard debit card is now the default card that POSB account holders can use to transact in two currencies – the United States Dollar (USD) and the Zimbabwe Dollar (ZWL$).
The prepaid Mastercard card is intended for customers seeking local and international foreign payment solutions, whether they hold a POSB account or not. 
All that is required is a national identity card and proof of residence to sign up for the prepaid Mastercard, deposit any amount in USD, and start transacting on the local or international markets.
POSB’s chief executive officer, Mr Garainashe Changunda said that the introduction of Mastercard debit and prepaid cards was in line with the bank’s vision to provide simple, responsive, innovative, and inclusive financial solutions. Changunda said:
<blockquote>
As a people’s bank, we are cognisant of our customers’ ever-changing needs. We strive to provide them with relevant solutions. From the feedback we received, there was a need for payment solutions that allow them to fully participate in global commerce to enhance their economic opportunities.
In response to the feedback, we partnered with Mastercard and to offer two cards. The POSB Mastercard debit card, which is linked to the POSB local (ZWL) and United States Dollars (USD) accounts to give seamless transactions in both currencies using the same card. To make payment, one can easily switch from local currency to foreign currency or vice versa, depending on which currency they want to use for that specific payment.
In line with the bank’s mandate to champion financial inclusion, one of the National Development Strategy 1(NDS1) objectives, we are further offering an easy-to-sign-up prepaid Mastercard for non-account holders who also wish to transact in USD currency, whether locally or internationally.
</blockquote>
Customers can use prepaid or debit Mastercard cards on local points of sale (POS) machines and ATMs. They can withdraw cash, pay forex bills such as DSTV and Netflix, tuition, and purchase goods and services for their entrepreneurial projects on e-commerce platforms with ease.
Zimswitch, a leading switching and payments company, has in collaboration with Mastercard enabled POSB account holders to transact by using their co-badged prepaid and debit Mastercard cards.
The cards come with advanced security features, including a PIN and EMV chip that allows contactless payment (Tap and Go) to ensure that customers transact safely and securely in the virtual environment.
Both the debit and prepaid cards are also equipped with a full complement of digital and easy-to-sign-up features such as card activation or deactivation, PIN reset, balance inquiry, mini-statement, transaction history, full-statement request and block or unblock lost/stolen card.
Additionally, a customer support services team has been put in place to resolve customers’ queries at the earliest possible time should they arise. 
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Pindula News

POSB Launches Co-badged Debit And Prepaid Mastercard Cards

Full statement by the Director-General of the Financial Intelligence Unit (FIU) Oliver Chiperesa on the abuse of debit cards to facilitate illegal forex transactions.
<blockquote>
ABUSE OF DEBIT CARDS TO FACILITATE ILLEGAL FOREIGN EXCHANGE TRANSACTIONS
1. The Financial Intelligence Unit has noted the increasing abuse of debit cards linked to Zimbabwe dollar-denominated bank accounts. Card-holders approach customers who intend to purchase goods or services in foreign currency and offer the use of their cards in return for foreign currency at an agreed rate.
2. In the course of discharging AML/CFT obligations, banks are expected to identify and report these transactions as suspicious and, in case of repeated abuse, close the accounts and report same to the FIU.
3. Banks are directed to implement the following measures to curb the abuse of bank accounts, and debit cards in particular:
(a) Banks should implement a robust automated transaction monitoring mechanism to identify debit cards and the linked bank accounts that are being used frequently and in a pattern that raises suspicion that the customer is abusing the card to pay for goods and services on behalf of third parties;
(b) Having identified such transactions and accounts, the bank must carry out further analysis to establish the source of funding into the accounts as well as the purpose and legitimacy of the payments;
(c) If the bank determines that the account is being abused for third party payments, the bank must file a suspicious transaction report to the FIU;
(d) In addition to filing STRs, banks should consider taking immediate steps to withdraw banking services in respect of the offending customer. In appropriate cases, the bank may, in its discretion, issue a final warning to a customer, before making a final decision to close the account. 
4. Among other indicators, banks should pay attention to, and investigate the following red flags, especially where more than one indicator is present with respect to a single bank account;
<ul>
<li>A bank account that receives regular inflows from sources or for a purpose that cannot be readily verified, followed by frequent debit card payments to retailers and service providers;</li>
<li>A debit card is used several times a day in the same shop in a manner inconsistent with normal shopping patterns; and</li>
<li>A debit card that is used to purchase goods and services either in the same shop or in different shops in a regular pattern that is not consistent with normal shopping patterns.</li>
</ul>
5. Banks are required to –
(a) configure their automated transaction monitoring systems specifically to detect the abuse highlighted above;
(b) to report to the FIU by no later than 18 October 2021 on the specific measures implemented;
(c) thereafter report any suspicious transactions as required to the FIU, as well as details of any accounts that would have been closed as a result of this exercise, within 7 days of such closure.
You are directed accordingly.
</blockquote>
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

FIU Statement On The Abuse Of Debit Cards To Facilitate Illegal Forex Transactions

Mobile money firm EcoCash has said that it is reducing the number of new EcoCash Debit cards being issued out in order to monitor foreign currency expenditure. This comes after the Reserve Bank of Zimbawe directed financial institutions to monitor the use of foreign currency as the country battles foreign currency shortages.
Executive assistant to group chief executive Mr Lovemore Nyatsine said:
<blockquote>EcoCash has scaled down on the debit card as all other financial institutions in Zimbabwe to manage foreign currency spend obligations in line with a directive from the Reserve Bank of Zimbabwe to financial institutions to observe meticulous usage on foreign expenditure.
We are overwhelmed with the success of the debit cards whose performance has exceeded our expectations based on demand form customers.</blockquote>
More: <a href="http://www.herald.co.zw/econet-scales-down-debit-card-issuance/">Herald</a>

EcoCash says it is reducing the number of new Debit Cards issued because of RBZ directive

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