22nd September 2019

Zanaco and Mt Meru Petroleum partner for digital payments

Mt Meru CEO Mayank Gupta (r) and Zanaco Head of Corporate & Investment Banking cut the ribbon at the launch of the use of Zanaco digital payment systems

Zanaco has entered in a partnership with Mt Meru Petroleum for the use of the bank’s digital payment systems at all Mt Meru facilities across the country. Zanaco Head of Corporate and Investment Banking, Andrew Muyaba, said at the signing ceremony today that the bank had continued to invest heavily in new systems and digital technology to enhance merchant services offering and to bring in new products and services to customers. He said Zanaco entered into a partnership with Mt Meru Petroleum, one of the largest players in the petroleum industry in Zambia, to roll out Zanaco point-of- sale (PoS) machines at all Mt Meru filling stations in Lusaka. The PoS terminals allow customers the convenience of using their Visa/MasterCard debit and credit cards to make payments for their fuel/lubricant purchases.

“Leveraging technology to stimulate growth is a key priority for all players in the financial sector. The companies that adapt best to technological changes stand a better chance of achieving their growth ambitions,” Mr Muyaba said. “In order to meet our customers’ evolving needs, we have to be modern in our delivery of banking services. As a progressive bank, we are moving with time and creating strong digital platforms that characterise modern banking.”

Mr Muyaba said the bank currently has about 2,000 point-of sale-terminals out of which 25 have been deployed to Mt Meru so far. Other payment methods include the Zanaco Mobile App as well as Xapit. Using digital platforms to make transactions does not only improve service delivery but also reduces the costs and risks associated with cash transactions. Apart from guaranteed payments, the payment cycles will now faster payment cycle as funds do not have to go through conventional cash in transit clearing.

Zanaco Head of Corporate & Investment Banking Andrew Muyaba (l), Mt Meru CEO Mayank Gupta (r) and Mt Meru GM A.L. George display a Zanaco Point of Sale machine

Mt Meru CEO Mayank Gupta said his firm was happy to enter into a partnership with Zanaco for the use of convenient and futuristic technology.

“This is one of the steps we are adding to bring convenience to our customers. It’s important to bring convenience to our customers because that’s what makes business grow,” he said Mr Gupta said Mt Meru, which operates in 16 countries around Africa, had grown to become the third largest oil marketing company in Zambia with annual turnover of around US$200 million.

He said Mt Meru would soon launch the customer loyalty programme through which customers will earn points by buying fuel and lubricants and redeem free fuel for the earned points.

Source: Zanaco