Zimbabwe: Zinnovation Spruces Mobile Banking Technology
Overview: Aptly named Zinnovation – a hybrid of the two words Zimbabwe and Innovation is one of hottest Start-up Technology companies in Zimbabwe at the moment; with a focus on financial services. Spearheaded by a young dynamic duo; Nigel Daura, the CEO, who relocated back home last year after 11 years in the UK and Natalie Jabangwe, COO, based on both sides of the pond. The two bring to the market a synthesis of experiences – robust in IT infrastructure, internet technologies, software development and a deep-seated experience in financial solutions from a long service background at NCR. Both have a vast network in the international IT and financial services industry that allows them to tap into the latest industry trends. For their experiences, Zinnovation are poised to bring a Silicon Valley type experience to Zimbabwe by Zimbabweans in banking and financial services sector.
Nigel Daura, the CEO and Natalie Jabangwe the COO
Offering:
Zinnovation has teamed up with movers and shakers in the industry to deliver bleeding edge value added services to mobile wallet operators; they bridge the gap between the cash system and mobile wallet solutions. Their solutions will not only enhance greatly the customer’s experience, by making simple the cash to digital and digital to cash conversions, by enabling digital to digital transactions they will also see an end to the change problems we face as a country. Zinnovation’s technology also allows banks and financial services institutions to monetise from 
new revenue streams, an immediate way to help ease the liquidity challenges in a cash strapped environment. “For us, the idea is to find ways of zinnovating; we provide best-in-class solutions to Zimbabwe’s financial sector to empower our nation’s men and women”. Most of the recent billionaires in the world today have made their money through technology and we want to create an environment where Zimbabwean have the financial tools they need to participate in the world game. It is about time Zimbabweans solve monetary issues by using methods that are contemporary and relevant to the 21st century space in fact we have a chance to leap frog the developed nations by implementing the latest technologies.
What do they offer?
Zinnovation have the latest solutions on offer; Near Field Communication technology through a product called Interact. Interact allows customers to transact on ATM’s, POS devices and slate computers by a simple touch; via NFC enabled mobile phones, or other NFC enabled devices which are linked to a user’s bank account or mobile wallet. The transactions are instant, with immediate authentication. Interact is a result of Zinnovation’s partnership with Absolute systems in South Africa, one of the largest financial solutions company in South Africa, who are already dominating the southern space with the very same technology. In the near future, Zimbabweans will also be able to pay for goods and services on the internet using the same technology.
Zinnovation is currently processing a proof of this concept at the innovative Kingdom Bank.’ These guys are movers’ and are taking advantage of their recent implementation of Cardless Withdrawal Transaction to complement their solution, with a mobile wallet system that is practical’
In their comprehensive arsenal of mobile solutions is Send2ATM; a mobile remittance solution, with Send2ATM customers can send money to any mobile phone, the recipient can then make a cardless withdrawal at any participating ATM or POS nationwide using a one-time PIN within 15 minutes. This technology can be used by people with and without bank accounts.
The ground breaking Send2ATM technology will make international remittances simple, people in the Diaspora will be able to send remittances directly to the mobile phones of friends and loved ones back home. The recipients will be able to redeem their cash cardless from our partner bank’s ATM’s or POS devices located in Zimbabwe, within 15 minutes 24/7 a speed and convenience the bigger players in the market cannot match and at costs less than 50% of the traditional agents. To make life easier for their partner banks, Zinnovation together with their partners CellCoins in the US (who operate a treasury exchange in Gibraltor), will advance cash to banks on a monthly basis to enable them to meet their service level agreements, ensuring their customers have guaranteed access to their funds at all times, even before settlement processes run without exposing the banks to unnecessary risk, which in turn will boost the banks liquidity. What else can Zimbabweans ask for?
The question is, “does Zimbabwe’s financial sector understand the times and is it ready to implement innovative solutions, which improve the customer experience for locals, provides a profit realisation value by tapping into the unbanked opportunity of international and local remittances in order to boost Zimbabwe’s economy?” The main barrier has been liquidity; we are bringing Send2ATM to the market at no cost to the banks, so we are hopeful that we will sign up most banks before the end of the year.
For Zinnovation, the idea is to constantly deliver innovative ways of solving our cash problems by tapping into the world of technology. We believe that every Zimbabwean owes it to the century, in whatever way, to find solutions to our country’s problems, as well as to make each others’ lives easier. The case is a challenge and inspiration to other young people out there … Compiled by Mike Tashaya
