NMB Bank goes paperless

NMB Bank has launched a virtual branch on its digital platforms, which enables customers to make paperless multi-currency cash transactions.

The enhanced NMBConnect platform, which was rolled out last week, is set to disrupt the country’s banking landscape, placing more focus on paperless transactions.

NMB Bank chief executive Benefit Washaya said the platform had special features that allowed transacting clients to access all services without physically visiting the banking halls.

The bank has also introduced an automated loan application platform, which credits loans into the beneficiaries’ accounts while they are at home.

The changes are in line with a digital banking strategy that was announced by the Reserve Bank of Zimbabwe in 2016, under which governor John Mangudya is encouraging financial inclusion.

“By using the virtual branch, customers can keep safe, carrying out their banking transactions from the comfort of their home or from anywhere else,” the bank said in a statement.

“The only transaction that requires a visit to a physical branch is the collection or delivery of the actual cash withdrawn or deposited through the virtual branch. The teller at a physical branch is simply presented with the transaction reference code that was displayed when the digital transaction was done and sent to the customer’s registered phone. No paperwork or form filling is required.”

A customer has an option to send a third party to collect or deposit the cash after giving them identification details.

The bank said customers in Harare could withdraw from branches outside Harare and get a third party to collect cash from that branch.

This service is also doubling as a local remittance service, the bank added.

The same convenience will apply to DStv payments.

“With NMBConnect, there is really no banking transaction that cannot be handled electronically, whether it is applying for a loan, transferring money, opening an account or any other transaction other than the physical collection or depositing of cash,” Washaya added.

“That is why we see NMBConnect as a digital bank, with the customer being the manager of his or her own bank account,” he said.

He said managing one’s account was particularly useful during this time of COVID-19, as it demands minimal physical contact.

“We at NMB have been promoting digital banking for a long time, as we saw it as the banking medium of the future. We have continued to develop and expand digital banking possibilities for the benefit of our customers,” Washaya said.–newsday

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