ZB BANK has launched its agent banking unit in response to the regulator’s call for financial inclusion.
BY FIDELITY MHLANGA
The model, Pauri/Khonapho agent banking was launched in Glen Norah, Harare, on Friday.
Speaking at the launch, Philip Madamombe, Reserve Bank of Zimbabwe (RBZ) deputy director (bank supervision) said agent banking was a key step in achieving financial inclusion.
“It is a fact that many parts of the country, especially the remote areas are financially excluded. Agency banking is one of the major ways in which we can achieve financial inclusion as it brings banking to the people,” he said.
“It also empowers communities and economic activities within those communities as financial access becomes easy, convenient and above all cheaper. With banking in the locality there will be no need to look for transport to the nearest bank branch.”
In his January monetary policy statement, RBZ governor John Mangudya emphasised the need for banks to harness money circulating in the informal market estimated at over $3 billion.
- Chamisa under fire over US$120K donation
- Mavhunga puts DeMbare into Chibuku quarterfinals
- Pension funds bet on Cabora Bassa oilfields
- Councils defy govt fire tender directive
Keep Reading
“We at the Reserve Bank of Zimbabwe take pride when such positive developments take place in the industry. It shows that the industry is responding to our policies for the common good of our economy and the country at large,” Madamombe said.
He said for ZB customers and the general public, the ZB Bank’s agent banking services, was revolutionary in the financial services created jobs and made banking facilities more convenient.
Currently, there are more than 6 000 ZB agents countrywide, which complement the 64 bank branches nationwide.
The platform will assist in payment of school fees, cash deposits, cash withdrawals, cash in/cash out through mobile money transfer, bill payment, balance enquiry and prepaid electricity vouchers.
“Tough times are for us to get tougher and not use the current climate as a negative block, but rather an energising spring board for new ideas. We are launching agent banking, a new idea, which we are hoping to be able to capture everyone’s financial needs and help our economy to grow,” Madamombe said.
