Staff Writer
Central Africa Building Society (Central Africa Building Society) has partnered with global payments firm Visa to introduce new digital payment solutions in Zimbabwe, with a virtual card expected to be launched later this month.
The development comes as CABS continues to strengthen its footprint in the payments space, having recently emerged as the country’s third most popular card issuer.
Transaction volumes have surged by 195 percent year-on-year, while values have grown by 215 percent, underscoring the institution’s rapid rise from being a relatively lesser-known issuer.
The partnership with Visa is seen as a significant milestone in the evolution of Zimbabwe’s digital payments ecosystem, aimed at enhancing convenience, security and accessibility for consumers.
As part of the rollout, CABS is building on the success of its prepaid card, which has already gained traction in the market.
The forthcoming virtual card is designed to support seamless online transactions, offering customers a secure and flexible option for managing digital payments without the need for a physical card.
CABS managing director Mehluli Mpofu said the collaboration marked the start of a broader innovation drive focused on customer-centric digital solutions.
“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,” he 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 also welcomed the partnership, highlighting its potential to reshape how consumers transact in the digital economy.
Visa Southern Africa group country manager Salome Makau said the initiative aligns with the company’s broader vision of expanding access to secure and efficient payment systems.
“This joint initiative with CABS aligns with our vision to empower consumers with secure and accessible payment solutions,” she 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 will offer several benefits, including the ability to make online payments without a physical card, enhanced security features to safeguard transactions, and greater control over spending limits to help reduce fraud risks.
Supported by Visa’s global network, the card will enable smooth local and international payments.
Accessible through CABS’ digital platforms, the virtual card will complement the bank’s existing card portfolio while laying the groundwork for further digital banking innovations.
