HomeBusiness DigestCFX moves to solve cash crunch

CFX moves to solve cash crunch

Eric Chiriga

CFX Merchant Bank has launched a facility known as 1-2-1-Cell Money in a bid to try and solve the current cash crisis.

>The facility allows customers to make transactions without using cash, which is very difficult to come by during these days of a serious financial crisis.

CFX is the first bank in Zimbabwe to venture into this line of business.

To use 1-2-1 Cell Money, one has to open a 1-2-1-Cell Money account and then make deposits into the account using cheques or travellers’ cheques.

Customers need $10 000 to open an account.

After opening the 1-2-1 Cell Money account, a bank account is then opened which can be used for transactions using a cell phone.

“At the press of a few cell phone buttons you can make a balance enquiry, view your statements, buy airtime, pay your bills, pay for your goods at retail outlets and transfer funds between subscriber accounts,” Caroline Mugwanyo, general manager for operations, said.

“You can also access your 1-2-1 Cell Money account on the Internet. 1-2-1 Cell Money is very convenient and fast, a transaction takes 10 to 15 seconds.”

She said for individuals who worry about security, even the loss of a cell phone would not affect the customer because the facility is “very secure”.

Mugwanyo said a further pin number from the Sim card pin protects the 1-2-1 Cell Money account.

Companies can also use 1-2-1 Cell Money.

They can send out their accounts via small message service to another cell phone and the individual concerned could then pay via the 1-2-1 Cell Money facility.

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