HARARE - Money transfer organisations are to face stiff competition if the Zimbabwe Diaspora Credit Union (ZDCU)s drive to introduce a MasterCard is successful.ZDCU Vice President, Barbara Nyagomo, said the union would be introducing a Freedom Mastercard or Visa for its members to use at ATMs across the globe including Zimbabwe.
The advantages of the freedom card are instant use, use at 28 million locations worldwide, instant use, no credit checks, 24 hour control of your money, no risks or debts, no penalties and full ATM functionality, she said.
Members could get a second card for their family at home or abroad.
Instead of sending money by Western Union, one deposits money in the companion card for the family to collect at any ATM in Zimbabwe and from 28 million ATMs across the world, explained Nyagomo.
The money is transferred free from the primary cardholder to the companion cardholder in real time by phone, on line and short message service (sms).
The group is in the process of registering as a substantive credit union.
The Qualification for admission to membership of the credit union shall be living in the United Kingdom and having an active and continuous association with Zimbabwe so that in consequence thereof there shall be a common bond between all the members, she said.
Post published in: Economy