CBZ combines university ID and bank card into one, no university will pass on this

Imagine having a chip on your forehead (666-style) that acts as an access key, granting access to a house, office, and car whilst being a bank and medical aid card too. We’re not quite there yet, but CBZ has combined the university and bank cards.

This means university students can use the same card to gain access to the library and to pay for a loaf of bread in a supermarket. There are many benefits to this which CBZ goes into…

In yet another milestone, CBZ Bank has launched a student smart-debit card that combines a university student ID card with a student account-linked debit card that is enabled for financial transactions and access control. In this regard, the card consolidates multiple functionalities, which simplifies and streamlines vital aspects of student life.

The integration of financial services into a student ID card offers an array of benefits that extend far beyond conventional measures. This pioneering solution eliminates the need for students to carry multiple cards, streamlining their campus experience by providing a unified platform for various functionalities.

Paying for meals in the cafeteria, textbooks at the campus bookstore, or accessing campus facilities can all be seamlessly facilitated through this single card. This eliminates the hassle of searching for the right card at various points of sale, creating a more efficient and streamlined process. One of the inherent strengths of the CBZ university student ID financial card lies in its ability to empower students with greater control over their financial lives. Through CBZ Touch, students can track their spending, set personal budgets, and monitor account balances in real-time.

For the universities, implementing CBZ student card streamlines financial transactions and reduces administrative burdens. The card simplifies the process for managing student accounts and it also allows institutions to leverage partnerships with CBZ which will lead to additional revenue streams through transactional fees and shared revenue.

Pursuant to this, CBZ Bank has partnered with Midlands State University (MSU) and introduced the CBZ Student Card, which is available to all students registered at the university. This multi-functional card is branded with the student’s details and photo, and is available in dual currency, USD and ZWL, thus bringing many benefits to students and becoming an integral part of campus life.

As part of its assimilation, the card can be swiped in shops, make POS payments at Campus, be enabled for contactless payments (tap and go), and be linked to Zimswitch. Additionally, students get access to the CBZ Touch mobile application, and is compatible with iOS and Android.

Apart from being first introduced at Midlands State University, the card facility is also available for students at other universities across the country, a significant step towards promoting financial inclusion and is poised to revolutionize and simplify students’ academic journey in the country.

The launch of a university student ID financial card is a watershed moment in empowering the financial lives of college students. Partnership with universities redefines university students banking experience.

Neat idea

I think this is a great idea. I’m not sure what the stats look like for college students but for the rest of the country, opening a non-lite bank account is cumbersome. I imagine students also find it a challenge. So, CBZ could be tapping into something here.

Apart from financial inclusion, I believe students may not be enticed by the selling point of having two cards in one. The physical weight and space that cards occupy are not significant enough for this to be a compelling feature. As a result, those who already possess bank accounts may not find a compelling reason to give this a try.

Also, whenever we talk about the convenience brought about by combining two things, we have to talk about the potential inconvenience of misplacing both things at once. That would be on a few less coordinated students’ minds.

In contrast, universities might readily embrace this idea. The primary advantage CBZ highlights is that the card can alleviate administrative complexities by simplifying financial transactions.

I can envision how this could work, as each card is linked to a specific student, making it straightforward to monitor fee payments. If a majority of students opt for the CBZ card, the reconciliation process would also become more efficient.

Next, there’s the aspect of shared revenue, and this is what will certainly pique the interest of university administrators. Zimbabwean banks heavily depend on bank fees, underscoring its significance as a significant revenue source. The fact that CBZ is willing to share a portion of the profits with universities is indeed interesting.

We don’t know what kind of percentages CBZ is offering but whatever it is, it’s money just there on the table for universities to grab.

I can see universities forcing students to get the CBZ card because of these benefits. I think that was the killer move by CBZ – making the deal sweet for universities with no apparent downsides. I foresee a Zimbabwe where students are required to get these cards when first enrolling.

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