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VirtualBank Africa (http://www.virtualbank.co.zw) is the first company in Zimbabwe to offer the ability for Zimbabweans with or without bank accounts to make internet payments as well as to provide a cheaper, more reliable and more secure way for Zimbabweans in the Diaspora to send remittances back to Zimbabwe. It has a strong and dedicated management team led by Mr. Tawanda Kembo - CEO. You may know him as the founder of the web site I Paid A Bribe (http://www.ipaidabribe.org.zw) the most popular way of reporting corruption in Zimbabwe. VirtualBank Africa is getting ready to launch and I believe it will take the market by storm!I have been a longtime advocate for microfinance and for new channels that provide access to critical financial services to a huge segment of the population for whom traditional banks accounts and credit cards are not available. The ability to transfer funds and to make internet payments is more important than ever in an increasingly wired world and there is a huge economic gap between those who have it and those who do not. Thats why when I was approached by Mr. Kembo nearly two years ago with his concept for VirtualBank Africa, I was immediately supportive. I am volunteering my time to VirtualBank Africa because it is both a cause I believe in and a business concept that I know can work all run by people I trust.In Africa the remittance market is over $50 billion USD each year. In Zimbabwe alone, there is about $1.5 billion USD coming in each year. Currently the volume of internet payments in Zimbabwe is low under a half million USD but that is because like most African countries Zimbabwe has no PayPal or Google Checkout alternative and that is exactly why VirtualBank is so well-positioned.The formal market for money transfers to Africa is relatively young and faces the challenges typical of emerging markets. These issues include: Uncertainty about the volume of remittances - 85% of the money remitted to Africa is sent using informal channels; Limited competition Two companies have 65% of the market; High transfer costs people usually pay 10% to 15% of the money remitted; and finally a general lack of technological innovation.As in much of Africa, merchants and retailers have no capacity to accept online payments and this has hampered the take-off of e-commerce in Zimbabwe. 70% of Zimbabwes population does not have bank accounts. Only 8% of Zimbabweans have either Credit or Debit cards which can be used to make Online Payments. And, as in many countries, Zimbabwe has no PayPal or Google Checkout alternative.Zimbabwes Mobile broadband subscriber base grew by 18% in the last 3 years. There is a 90% mobile penetration rate. Africa is the fastest growing region in terms of cellular connections and yet 95% of Africa's population do not have bank accounts. We have figured out how to capitalize on this huge need and at the same time provide a socially responsible service for hundreds of millions of individuals in Africa.
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