Zim banks go paperless

HARARE - Like ducks to water, Zimbabwean retail banks are embracing technology to the point of doing away with paper transactions in their banking halls.

This week, CABS became the latest institution to ditch paper-based transactions, urging customers to use their more convenient digital platforms to conduct their banking.

With effect from June 15, CABS customers will no longer be able to conduct “withdrawal of bill payments, Real Time Gross Settlement (RTGS) and inter account transfer services from the branch”.

The Old Mutual-owned bank said in a statement: “CABS would like to advise its valued customers that the following transactions will no longer be carried out in the branch with effect from the 15th of June 2018.

“Bill payments for DStv, inter account transfers, mini statements, balance enquiry, RTGS accept for school fees, National Social Security Authority and Zimbabwe Revenue Authority payments, Zipit and airtime purchase.

“The above services will only be carried out on mobile banking (*227#), mobile and Internet Banking. Bank statements will still be accessed in the branch.

“Removal of these services will help us increase our efficiency in branch and provide you with better service.”

Recently, CBZ Bank announced that it will no longer be processing paper transaction for the transfer of funds whether internally or across to other banks.

“CBZ Bank would like to advise its valued clients and all stakeholders that with effect from the 1st of June 2018, all branches will no longer be processing manual/paper RIGS and Internal Transfer requests.

All clients will be able to perform the transactions via CBZ Touch, CBZ Internet Banking and Paynet conveniently anytime, anywhere.

“We therefore urge all clients to ensure that they have registered on CBZ Touch, CBZ Internet Banking or Paynet platforms by the 31st of May 2018. For more information get In touch with your Relationship Managers or visit any CBZ Bank branch. Alternatively, call the CBZ Contact Centre via toll free line 460/461 or general line
08677004050,” CBZ Bank said in a statement.

Technological advances in the digital space means that people are now always connected to the Internet via their mobile phones hence clients now demand fast, convenient and accessible real time banking solutions on the go without visiting a branch.

Standard Chartered Bank (StanChart) head of retail banking in Zimbabwe, Harton Maliki told the Daily News in a recent interview that banking has evolved.

“Banking has changed from brick and mortar to banking on the go, hence retail banking no longer needs huge space for branches. While branches are still relevant today, we no longer need as much space,” Maliki said.

Most Zimbabwean banks have developed mobile Apps that are compatible both with Android and iOS devices.

With these Apps, a client is able to check their balance, transfer money and pay bills without walking into a branch.

Those without smart phones can still access these services using the USSD (Unstructured Supplementary Service Data) code prescribed by their bank.

Another factor which has seen clients opt for banking on the go is the result of the cash crisis that has gripped the Zimbabwe economy since 2015.

More and more people are now transacting using mobile money with telecoms companies now providing services like EcoCash, OneMoney and TeleCash.

According to the Reserve Bank of Zimbabwe, at least 70 percent of the daily transactions in the country go via EcoCash.

Last year, EcoCash’s parent company, Econet Wireless revealed the service had surpassed the $23 billion mark since it was launched in 2011.

Realising they were being left out, local banks also decided to get a piece of pie by integrating their mobile platforms with EcoCash and the rest of the e-wallet providers.

Now, clients are able to transfer money between their bank account and e-wallet at a fee which has seen the growth of the service.

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