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Zimbabwe payment market scan for a co-branded card

Genesis was commissioned by a global card association to conduct a market scan and opportunity assessment on a co-branded card offering in Zimbabwe.

The study involved conducting desktop and primary research in Zimbabwe. This further involved conducting an analysis of the supply- and demand-side of the card, remittances, card-not-present, loyalty markets and card security.

The external environment section analysed the macroeconomic environment, social-demographic factors, technological influences, and legal and regulatory framework in Zimbabwe and how each aspect influences the payments landscape.

The supply-side included understanding who the main financial service providers are, volumes and value of cards, EFT, mobile-money transactions, and remittances. This included key value propositions of the providers, regulations governing service providers and understanding the main payment flows (P2P, P2B, P2G, B2B, B2P). Additionally, the supply-side analysis bench marked over 30 related international financial service providers.

The demand-side involved understanding how businesses and retail consumers in each market make and receive payments, their pain points/challenges, the demand for digital payments (card, card-not-present, remittances and mobile money). Genesis surveyed over 150 businesses and 300 retail customers in Zimbabwe, and in the diaspora.

The overall study provided recommendations for financial inclusion and deepening as well as developing products that would adequately serve the market and inform the card association’s partnership and loyalty strategy in the Zimbabwe market.

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