By Staff Writer
eTrack Zimbabwe presented a Cutting-Edge Security Solution in the highly anticipated workshop organized by the Reserve Bank of Zimbabwe (RBZ). Stakeholders convened on October 17th, 2023, at Hope Fay Hotel to shed light on the newly introduced collateral registry initiative. The objective of this initiative is to facilitate improved access to funding and credit for small and medium enterprises (SMEs) as well as individuals.
The workshop served as a platform to educate participants about the system that now enables banking institutions and microfinance institutions (MFIs) to register their interests in movable assets used as collateral by borrowers. The collateral registry initiative is set to revolutionize the lending landscape in Zimbabwe, providing greater financial opportunities for businesses and individuals alike.
During the event, eTrack Zimbabwe, a renowned company specializing in vehicle tracking and fleet management, played a pivotal role in sharing valuable insights and expertise on the security services available to protect movable assets. Mr. Tatenda Chirongo, representing eTrack Zimbabwe, underscored the significance of leveraging advanced technologies to safeguard assets and ensure seamless operations.
Chirongo emphasized, “After pledging an asset as collateral, borrowers often rely on that very asset to generate income for loan repayment. It is therefore crucial, both for the borrower and the lender, to prioritize the utmost level of security for the asset.” He further elaborated on the implementation of GPS tracking as a security service, highlighting features such as remote engine immobilization, which enables asset owners to immobilize their vehicles or engine-powered assets remotely from anywhere in the world. This capability provides immediate control and enhances security measures.
In addition, Chirongo discussed the powerful feature of eTrack Zimbabwe’s vehicle tracking system, which allows for the creation of geofences – virtual boundaries set on a map. Whenever a vehicle enters or exits such an area, an alert is immediately sent to the asset owner, notifying them of the breach. The system also enables asset/vehicle functionality limitations within specific geofenced areas. For instance, a tractor operating within a geofenced farm will automatically shut down once it exits the designated area, ensuring that the tractor only operates within the intended boundaries.
Fuel monitoring emerged as another critical aspect highlighted during the workshop. Chirongo shed light on potential financial leakages, stating, “Consider a scenario where a truck with a 400-liter tank unknowingly leaks 5 liters of fuel per day. By the end of the year, this vehicle would have wasted fuel worth nearly USD 3,000. Now, envision having 10 trucks experiencing the same issue – that’s a loss of approximately USD 30,000 per year. Although this expenditure may appear as fuel expenses in financial records, it is indeed an avoidable financial leakage that can be easily detected through the use of technology.”
By collaborating with the RBZ at the collateral registry workshop, eTrack Zimbabwe exemplifies its commitment to supporting the growth and development of SMEs and individuals in Zimbabwe. Through their innovative vehicle tracking and fleet management solutions, eTrack Zimbabwe aims to enhance the security and efficiency of movable assets, contributing to a thriving business ecosystem in the country.
For further information about eTrack Zimbabwe’s services, you can visit their website at www.etrack.co.zw or contact them at 08644273685.