We run a company known as Africa Diaspora Exchange and we distribute a product known as Imbongi Capital Transactional Accounts. We realised that there are a lot of migrants who are living and working in South Africa but don’t have bank accounts. This is due to many reason such as they are migrants and their documentation or lack of does not allow for them to open bank accounts or they are locals who are not able to produce the documents required to open a bank account. As a result they are paid their salaries in cash or in someone else’s account which has obvious risks like:
· The risk of you or your employer being robbed
· The cost of withdrawing cash to pay salaries for employers
· Financial discipline if you have all your money in cash on hand
· The risk of your money being spent if the money is deposited in someone else’s account
Our product effectively eliminates all of the above problems for companies and you, the employees. Imbongi Capital incorporates electronically ABSA bank as a deposit taker in the form of a 407 Systems Trust Account, they will handle all the cash. Mercentile Bank, which issues the Mastercard that you will use to transact, this card is a balance of payment card which is valid in 192 countries, including Zimbabwe. In the case of migrants, they don’t have to carry cash when they are going home. They would simply go to a Mastercard affiliated ATM in their home country and make withdrawals.
In South Africa you can use any Saswitch ATM, the costs to you, the employee are minimal. This system enables you to earn your salary directly into your own account and give you the dignity of having a safe and secure account. All migrants and locals are welcome. You can also take the card to your home country if you are supporting dependants and they would simply withdraw or swipe in any shop. No more going to the Malaisha’s who charge 20% and are very unreliable.
In the next few months we will also have a policy that if a worker should die at work, it will repatriate their body to their home country with regards to migrants as well as anywhere in the country for locals. It will also pay a lump sum amount to a beneficiary that is nominated by the account holder. In addition to this we will also have a 2 card system where and individual will keep 1 card and take the second to their family within or outside South Africa. From their cellphone they will be able to load the second card, and allow their dependants to make withdrawals, this will be free of charge. Think of it as a free and easy money transfer system.
Imbongi Capital is registered with the Payments Association of South Africa and that it has a Third Party Payment Processor Licence issued by the Reserve Bank of South Africa. That means your money is absolutely safe. Call: (011) 022 2929 or (011) 339 3629 alternatively E-Mail: azunga@adexchange.co.za to open an account or if you are interested in becoming a sales agent.
Kind Regards
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Allen Zunga
Chief Executive Officer
Africa Diaspora Exchange (Pty) Ltd
Tel: (+2711) 022 2929
Fax: (+2786) 542 9148
Mobile: (+2772) 745 8669
E-mail: azunga@adexchange.co.za
Web: www.adexchange.co.za
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