Staff Reporter
ZB Financial Holdings, through its banking unit ZB Bank, has launched a new mobile wallet, “Smile Cash”, as part of its digital expansion and the desire to drive financial inclusion.
Smile Cash is accessible via USSD (*225#) and is compatible with any mobile phone and currently offers zero transaction fees for users.
The ZB Chief Transformation Officer, Kangai Maukazuva, said the mobile wallet service was developed internally, hence the leverage to offer free transaction costs.
Some of the features of the wallet include standard cash in/cash out, merchant payments, transfers to bank accounts, and transfers to other mobile wallets. Additionally, there are also QR code payments.
Funeral Cover Policies Drive Gross Insurance Premium
Meanwhile, the group delivered a strong performance in the quarter ended March 31, 2025 (Q1FY2025), driven by cost containment measures and a resilient balance sheet.
As a result, a profit after tax of ZIG261.940 mln was achieved. Total income for the year to date was ZiG839.928 mln, marking a 119 per cent increase from 31 March 2024.
“The increase in income is attributable to the improved net interest margins of ZiG281.997 mln and enhanced capabilities of the new core banking system, which enables more effective identification and collection of all potential income streams,” reads part of the financials.
The Group earned commission and fees of ZiG428.300 mln, supported by an increase in electronic banking earnings; a gross insurance premium of ZIG36.817 mln, driven by increased sales of funeral cover products; net property income of ZiG37.989 mln, as rental income remained stable; and other income of ZiG15.066 mln.
The group’s deposits decreased by 40% to ZiG 3.287 bln, while insurance contract liabilities increased by 66% to ZiG 446.333 mln.
“This was primarily driven by strong customer retention through proffering customer-centric products and solutions,” the group said.
On the other hand, total assets decreased by 6% to ZAR 13.547 bln because of the decline in the cash and short-term funds and the deterioration of the value of the listed investments portfolio.
The group noted that capital and liquidity levels remained strong, with all business units being compliant with the minimum regulatory capital requirements apart from ZB Building Society.
ZBFH said it expects to consolidate its banking operations into one banking licence in the near future.
