STAFF WRITER
CABS (Central Africa Building Society), one of Zimbabwe’s well-established financial institutions has been expanding its digital payments capabilities through collaboration with Visa, the global payments technology company.
The partnership with Visa enables CABS to embed Visa’s global payments infrastructure, including virtual card issuance and online payment capabilities, into the bank’s own services.
This contributes to broader financial inclusion in Zimbabwe by supporting digital transaction convenience and expanding access to Visa’s network for both domestic and cross-border use
CABS customers are set to benefit from a new wave of cutting-edge payment solutions, as CABS and Visa announce a strategic partnership.
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,” said CABS Managing Director, Mehluli Mpofu. “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,” said Visa’s Group Country Manager for Southern Africa, Salome Makau. “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.
About CABS
CABS is one of Zimbabwe’s leading financial institutions, offering a wide range of banking services tailored to the needs of its customers. With a focus on innovation, accessibility, and customer satisfaction, CABS continues to provide secure and reliable financial solutions.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
