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Zim's Ecobank cashes in on digital platforms

By , Journalist
Zimbabwe , 25 Aug 2017

Zim's Ecobank cashes in on digital platforms

Ecobank is pushing ahead with the digital transformation of its services in Zimbabwe.

The pan-African bank said on Thursday that it has obtained regulatory approvals to downgrade Know Your Customer requirements on the back of a massive take-up of mobile and internet banking platforms.

The digital channels have been pivotal in Zimbabwe's financial services sector owing to current cash shortages. Mobile money, internet banking and mobile banking applications by finance institutions have become popular.

Moses Kurenjekwa, Managing Director of Ecobank Zimbabwe said the bank's non-interest income for the half year period to end June had strengthened by 43% owing to "higher customer transaction volumes on electronic channels" in response to cash shortages.

The non interest income for the period amounted to US$10.1 million, while net interest income was US$12.1 million.

Ecobank has launched the Ecobank Mobile App across its 33 African markets, whose take up in Zimbabwe "has been encouraging".

The Bank's emphasis on "mobile and online banking has reduced the cost" of servicing mass market customers.

David Whatman, chairman of Ecobank in Zimbabwe, said the bank "expects to launch new digital products and platforms" in the second half to December 2017.

Other Zimbabwean banks that are digitalisation platforms and operations include Standard Chartered Zimbabwe and Barclays Zimbabwe.

Most banks have also linked up depositors' accounts with mobile money platforms such as EcoCash and Telecash which are offered by Zimbabwean mobile network operators.

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