Micro financial institution launches loyalty card

by Sunday News Online | Sunday, Mar 19, 2017 | 578 views

Ngqwele Dube, Business Correspondent
MICROFINANCE institution, MoB Capital has launched a loyalty card that will see holders getting discounts from various services providers across different sectors of the economy.

Dubbed MoB007 Card, the instrument works as both a debit card and loyalty card and is backed by ZB Bank. Speaking at the launch of the “Black Card” at a local hotel last week, MoB Capital chief executive officer Mr Morris Mpala said they had partnered with various companies to provide discounts to the card holders.

The card also has the convenience of being a debit card that allows one to load cash and use it at various pay points including POS terminal and also works on ZimSwitch ATMs.

“The Black Card will be used as a payment system where one loads cash and uses it to pay for goods and services both for the loyalty programme and at any other purchase points.

“We have engaged various companies that have agreed to offer discounts to the card holders. We have strived to ensure the companies are across various sectors of the economy to ensure that whatever activity the holder wants to engage in they are able to find at least one service provider who can offer them discounts. Concessions vary depending on the company,” said Mr Mpala.

He said they would be offering the card to all their clients as they strive for less cash disbursements.

Instead of giving cash to clients who are offered loans, the customer would be given the card that has been preloaded with the loan amount.

The client would be at liberty to use the card at will.

Mr Mpala said those who would choose to load cash into the card would not be charged any interest while their loans attract a 10 percent interest rate.

He said companies they are partnering include Zimpapers, Intercape, Elgiboh Travel Agency, National Foods, Choppies, Proactive Gym, C Gauche, Horizon Club, Pump and Steel, Titan Law, Mathonsi Ncube Law Chambers, Platinum IT Solutions and West Somerton Gardens among others.

“We also offer a two percent discount on loan interest for a client that brings five referrals per month. If you have a loan and bring in five new clients the interest rate goes down from 10 to eight percent.

“Our partnership with National Foods will see farmers benefitting from economies of scale despite buying small quantities of products such as stock feed due to the discounts we would be offering,” said Mpala.

He said they are working on partnering companies outside the country to ensure the card provides a comprehensive financial solution to its holders.

 

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