CABS partners with Visa to expand digital payments in Zim

By ETimes

HARARE – CENTRAL Africa Building Society (CABS) has partnered with Visa to launch new digital payment solutions in Zimbabwe, including a virtual card due later this month.

CABS has recently risen to third most popular issuer in the country, with volumes increasing 195% YoY and values at 215%, off the back of being a much lesser-known issuer.

The collaboration with Visa represents a significant step towards shaping the future of digital payments in Zimbabwe, offering greater convenience and security for consumers.
 
With the first solution in this rollout – the CABS prepaid card – already a success in the market, the highly anticipated virtual card is set to launch later this month.

Designed for seamless online transactions, the virtual card will offer customers a secure and flexible way to manage their digital payments.
 
“We are excited to announce this collaboration with Visa, which marks the beginning of a series of product innovations that will greatly benefit our customers,” CABS managing director, Mehluli Mpofu said.

“Following the success of the CABS prepaid card, introducing the virtual card reaffirms our commitment to providing modern, secure, and convenient digital payment solutions.”
 
Visa is equally enthusiastic about the partnership, recognising its potential to redefine digital payments in Zimbabwe.

“This joint initiative with CABS aligns with our vision to empower consumers with secure and accessible payment solutions,” Visa’s Group Country Manager for Southern Africa, Salome Makau said. 

“The launch of the virtual card is just the beginning – together, we will continue introducing new products that redefine how customers engage with their finances.”
 
The CABS virtual card offers a range of benefits, including the ability to make easy online payments without the need for a physical card, advanced security features for safe transactions, and greater control over spending limits to reduce fraud risks.

Backed by Visa’s extensive global network, the card ensures seamless payments both locally and internationally.
 
Available through the bank’s digital platforms, the new virtual card will complement CABS’ existing card offerings while paving the way for further digital banking innovations.

With more payment solutions in the pipeline, CABS and Visa are committed to making seamless, secure payments become the norm for Zimbabwean consumers.
 
The Visa team also hosted an in-market client workshop last week, reinforcing the brand’s commitment to deepening client partnerships and driving tangible market impact.