MyCash now handling payroll services

AURRA KAWANZARUWA

Financial services provider MyCash has experienced a gradual evolution over the past twelve months.

MyCash recently announced to its customers that they can now do RTGS transfers from their accounts using their support bank POSB. This development comes after a well-placed source told Business Times that MyCash has recently seen a steady increase in corporates that want to manage their payrolls through the financial services provider.

Under normal circumstances one would have to use ZIPIT, a transfer service provided by Zimswitch, in order to transfer funds from banks to MyCash and vice versa. However, this is unsustainable for bulk transfers, hence the move to utilise POSB banking structures.

MyCash is said to have signed on a number of entities for payroll services including farms, corporates and they are also in talks with Midlands State University and Chinhoyi University of Technology.

Their drive to have agents spread across the country and at tertiary institutions has made it easier for the financial service provider to target customers at a grassroots level and working their way up the tiers from there.

MyCash has also managed to cater to those in the diaspora by allowing people to send money via World Remit directly into a MyCash account.

The future of the financial services provider appeared uncertain after Meikles Limited disposed of its 70 percent shareholding in financial services arm, Meikles Financial Services (MFS) last year.

MFS was a partnership between Meikles Limited and Veritran (Private) limited, which controlled 30 percent at the time. MFS launched the MyCash card in 2016 which was backed by a partnership with POSB savings bank.