CABS widens global payment access with five new currencies

STAFF WRITER

Leading banking institution, CABS, a member of Old Mutual Group, has expanded its outward foreign payment services, in a strategic move to enhance financial convenience and expand international payments capabilities for Zimbabweans,

The bank now supports payments in eleven international currencies, following the addition of five new currencies to its basket.

The newly added currencies: Australian Dollar (AUD), Canadian Dollar (CAD), Japanese Yen (JPY), Swiss Franc (CHF), and New Zealand Dollar (NZD) complement the six currencies already supported which are the Botswana Pula (BWP), South African Rand (ZAR), British Pound (GBP), US Dollar (USD), Euro (EUR), and Chinese Yuan (CNY).

CABS’ enhanced outward foreign payment services enable businesses and individuals in Zimbabwe to make secure international transactions, from settling supplier payments, to covering payments for essential services such as university fees, medical bills, travel, accommodation, and more. This expansion enhances the country’s global connectivity and economic participation.

“Access to a broad range of international currencies is key to providing our customers with the financial flexibility and confidence they need,” said Mehluli Mpofu, Managing Director of CABS. “By expanding our outward payment services, we are directly empowering businesses and individuals to connect, transact, and thrive in the global economy with greater confidence and convenience.”

CABS has also resumed USD payments to Mauritius, reinstating a vital payment corridor that facilitates trade and financial transactions between the two countries. Mauritius has emerged as a key financial hub, serving as a strategic bridge between Asia and Africa, and acting as a critical node along the India-Africa and China-Africa trade corridors. This development provides CABS customers and Zimbabweans broader access to international markets, enhanced financial convenience, and stronger integration into global trade flows.

Mpofu added, “At CABS, we understand that speed, security, and reliability are non-negotiable when it comes to international payments. That is why we have automated our telegraphic transfer processes and provide dedicated account relationship management support to ensure seamless service for our customers.”

By offering access to a wider range of currencies and key payment corridors, CABS positions itself as a vital enabler of seamless international transactions, connecting Zimbabwean businesses and consumers to the global economy with greater ease and confidence. This expansion not only boosts trade and attracts investment, but also fosters new entrepreneurial opportunities, contributing significantly to Zimbabwe’s overall economic growth.

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