BUSINESS TECHNOLOGY MEDIA FOR AFRICA

Zimbabwe's banks up investment in online tech platforms

Zimbabwe's banks up investment in online tech platforms
By Tawanda Karombo, Journalist
31 Mar 2015

Banks in Zimbabwe are deliberately channelling more resources towards internet and technology based platforms in a bid to capitalise on the increased uptake of such mediums.

Other banks such as Barclays Zimbabwe and Steward Bank - a division of Econet Wireless - already have internet and mobile banking platforms.

Now, the People's Own Savings Bank (POSB) and BancABC Zimbabwe, which is now wholly owned by Robert Diamond's Atlas Mara group, have said they will channel even more resources into the internet and mobile banking platforms.

Ronald Pfende, the chief executive officer of the Africa focused BancABC group, said on Monday that his bank would this year focus more on "accelerated development of mobile banking and other technology enhanced product offerings" to improve the overall customer experience for the bank.

He said his company was geared to leverage on technology to make services efficient in Zimbabwe. This would enable the bank's clients in Zimbabwe to "transact on their mobile" phones. BancABC Zimbabwe's sank to a $1.5 million loss for the year to the end of December 2014.

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Another Zimbabwean bank, the POSB, said on Tuesday that "internet banking was successfully launched" during the same period. It grew its profit to $1.25 million from a loss position of $209 000 in the year earlier period.

"The POSB's strategy to consolidate branch network and to drive more resources towards the utilisation of digital and electronic platforms places the bank in a better position to play a pivotal role in fostering financial inclusion," the bank said.

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