The Sunday Mail
A LOCAL web aggregator that provides a portal for various financial and funeral service products was recently launched in the capital as e-commerce platforms increasingly take a claim on local commerce.
Zimselector.com, an online financial services shopping mall, seeks to provide an interface between customers and local service providers.
Our Business Reporter Kudakwashe Mutandi (KM) caught up with one of the platform’s executives, Mr Falot Chawawa (FC) to find out more on the product.
KM: What is ZimSelector.com?
FC: ZimSelector is an online shopping mall that any Zimbabwean, no matter where he or she is, can log onto and gain access to a variety of financial products from some of Zimbabwe’s top brands.
Before a customer buys a product of his or her choice, the ZimSelector platform will display various quotes of the financial products that are being offered by the financial institutions that we have partnered. This allows the customer to compare these quotes before he or she makes a final choice on the quotes and concluding the purchase online.
The choice of which product to buy and from which organisation can be based on either the price that is being charged for that product or its features, benefits or simply because of the customer’s loyalty to a particular brand.
KM: Is ZimSelector regulated?
FC: The answer to that is an emphatic yes. ZimSelector.com is regulatory compliant. We are registered with the Insurance and Pension Commission of Zimbabwe as a multiple insurance broker. Secondly, the site is compliant with the regulations of both The Reserve Bank of Zimbabwe (RBZ) and the Securities Exchange Commission of Zimbabwe (SECZ).
So you can see for yourself that ZimSelector “ticks all the boxes”, from being regulatory compliant as well as being trusted by its partners in making life easier for all Zimbabweans!
KM: What has been the market reaction to the service since its launch?
FC: I can tell you that the market is very excited about this development in our country and I think this is because of a number of reasons.
Firstly, the ZimSelector platform is benchmarked to international standards because it was developed in collaboration with some international partners to ensure that it has a global standard feel to it.
Secondly and no less important, ZimSelector is a brainchild of local Zimbabweans and therefore a creation for Zimbabweans by fellow Zimbabweans.
Thirdly, ZimSelector can be described as a “gazelle”, meaning it has an unlimited growth potential.
To think that this has happened in an auspicious economy is commendable and that is why many people are amazed of this development. People who visit our platform repeatedly comment on how ZimSelector.com is a world class product.
KM: Considering that it is the first of its kind in Zimbabwe, how reliable is your site?
FC: Here, I really want to say categorically that our customers need to remember that ZimSelector.com platform is benchmarked to international standards at every level, including its security features.
On the issue of security, our site is hosted in a Tier 1 Data Centre in the UK offering the highest standards of redundancy and security. All credit cards and payment information is protected by SSL Certificates, and because our servers are hosted in the UK, our hardware equipment is guaranteed 99.9 percent uptime and optimum response time.
Our customers should have the assurance that this is a safe way to buy financial products and their trust in doing so means everything to us.
KM: What makes the ZimSelector platform unique?
FC: The most obvious point to make here is that it is the first comparison site in Zimbabwe, allowing our customers to get a quote, compare against offers from multiple financial organisations before making their choice.
Secondly, ZimSelector has a global reach of Zimbabweans. This means that it has no boundaries or boarders that someone needs to cross before they can buy from the platform. Those signs you see in front of shops saying “sorry we are closed for lunch” or “our business hours are 9.00am till 5.00pm” do not apply to ZimSelector.com. Our online shop is open 365 days a year.
Thirdly, ZimSelector.com has introduced a smart way of buying various financial products thus saving people time and money, giving them the convenience of making purchases from the comfort of their own homes, or whilst on the move. Surely this is what people really need especially during these days when time is scarce.
KM: What sort of products can one buy from the platform?
FC: We have a wide range of products for our customers to choose from. You can buy short term and long term insurance products, such as home, house contents, car, travel and medical Insurance. You can also buy life assurance and personal accident insurance. Further, customers can now also open bank accounts, get mortgages and also make investments through our platform. The process is very customer friendly.
KM: Are you getting any support from stakeholders?
FC: What I can say here and unequivocally is that we were fortunate to have the Governor of the Reserve Bank of Zimbabwe, Dr John Mangudya as our Guest of Honour when we launched ZimSelector.com on 4 June, 2015.
His speech “struck a chord” with our guests for many reasons. I distinctly remember him saying that one of the roles of the Central Bank was to ensure that there was financial inclusion, which means that it should be easy and possible for as many individuals as possible to open bank accounts, make investments and so forth. He then said that there were many ways in which this could be made possible. One of those ways was through the internet for example.
It is here that the Governor saw ZimSelector playing a very important role in ensuring financial participation by as many of our citizens as possible, from every background and from anywhere in the world.
We all know that we now have Zimbabweans in almost every part of the world. They too have a right to open bank accounts, buy life funeral policies, get mortgages, or simply investment back home. Distance should not be a reason to exclude them from buying financial products of their choice back home. ZimSelector has made it very easy for our diaspora Zimbabwean compatriots. They can now do so online without having to fly back home and we are here to make sure we help them as much as possible to achieve their financial or investment objectives.
In his closing remarks, Dr John Mangudya really commended ZimSelector for its courage in coming into the market when the economic conditions were not ideal.
KM: What would you say to your potential customers?
FC: My message to our potential customers comes in the form of the following questions:
Do you want a buying method that enables you to save money?
Do you want to save time when you are looking for financial products to buy?
Do you want the convenience and pleasure of buying financial products from the comfort of your own home, with a cup of coffee in your hand while you shop around for the best deal you can get?
Are you tired of physically going round from one institution to another or phoning around looking for the best deal you can get?
If your answer is “yes” to all or some of these questions, then you need to begin to buy your financial products through the ZimSelector platform.
KM: Which organisations are on your platform so far and what services or products are they offering?
FC: To date, we have the following strong and leading brands on board. These are CABS, CBZ, CIMAS, Fidelity Life Assurance, Nicoz Diamond, Old Mutual, and last but not least, Zimnat. However, there are many more other organisations that have approached us especially after formally launching our platform. They have expressed interest in being part of this exciting development. I am confident therefore that we are going to see more brands coming onto the ZimSelector platform.
KM: Finally, any parting message to the public?
FC: I want to summarise my message by saying that ZimSelector is an inter-junction and a market place where some of the leading and top brands in Zimbabwe have showcased their financial products for the benefit of Zimbabweans in and out of the country. This is a very exciting and a break through innovation.
Therefore, wherever you are, whether in Zimbabwe, Africa, Europe, the Americas, Asia and the middle east, I urge you to surf the ZimSelector.com site. Begin to make your purchases and I can assure you, you will enjoy your experience!
Please tell your Zimbabwean friends, workmates and family members in and out of Zimbabwe about this platform.
Lastly, remember that ZimSelector.com is Zimbabwean and for Zimbabweans. Therefore, let’s all be proud of it!
