Metbank 'branchless' banking sets new tone for innovative banking

Metbank 'branchless' banking sets new tone for innovative banking
Published: 01 February 2018 (880 Views)
Harare - Zimbabwe's Metbank has set the tone for innovative digital banking with its intentional and strategic 'branchless banking', and has been hailed for creating employment opportunities for several impoverished youths in the country.

The bank, which has kept its branch footprint low, in comparison to other local and international banks has an established network of over 150 agents in and outside the country.

The network has been hailed by political analysts as 'people' driven, as it allows previously disadvantaged youths and vulnerable women, to participate in the lucrative banking sector by working as agents.

"What such a setup does is, it allows people who suffer from a skills deficit because of personal circumstances to participate in the banking sector. It certainly creates employment for vulnerable people."

"When you look at the success MPESA has achieved in Kenya, uplifting several women, you can only appreciate such initiatives. They stand to lift up those at the bottom and empower them. The President has been echoing this development and empowerment agenda, and this is an example of a corporation contributing to the development agenda.", South African based political commentator Arnold Mashasha told Khuluma Afrika.

Business analysts also hailed the move, stating that it is innovative and pushes the country towards its regional peers and industry leaders.

"When you compare with South Africa for example. You never have to go to the branch. I have only been to ABSA and Standard Bank SA when opening my account. My card was sent to my address, i bank on my app and use ATMS to deposit money. I literally have no need to go into the bank. This branchless banking is innovative because it pushes for a near similar set-up. People should not have to walk into a branch all the time," Business analyst Sean Msindo said.

According to MetBank's Director of Group Corporate Affairs & Marketing Shingai Koti the bank is pushing to "not only make visiting the branch unnecessary most of the time, but to ensure and guarantee that when one does it is a quick painless experience".

This has been made possible through the launch of an 'innovative queue management system' which reduces congestion, waiting periods, the tension and stress that is sometimes associated with visiting a bank.

Correspondents who visited Harare's main branch, which has been entirely remodelled to meet world class standards, witnessed first hand, the effective system which arguably competes with Capitec, and FnB in South Africa.

A second exclusive banking facility for high net worth clients established in an exclusive location in the capital, allowing private clients to enjoy silent seamless banking.

Zimbabwe's banking sector has been facing immense criticism of late. During the early days of the cash crisis, banks took the rod for not pushing for plastic money use earlier, among an array of other things.

- khulumaafrika.com

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Knox Mutizwa wins August Goal of the Month award

by kickoff | 05 November 2018 | 593 Views

BREAKING: Gandawa on the run

by Staff reporter | 05 November 2018 | 1155 Views

Econet cannot distribute Kwese TV content to Zimbabwean viewers

by Staff reporter | 05 November 2018 | 901 Views

Shoot-out robbers arrested

by Staff reporter | 05 November 2018 | 949 Views

Mnangagwa ally warns economic saboteurs

by Staff reporter | 05 November 2018 | 933 Views

Chamisa mobilises supporters for mass protests

by Staff reporter | 05 November 2018 | 742 Views

LISTEN: Acie Lumumba speaks on how he got paid

by Staff Reporter | 05 November 2018 | 611 Views

Dzamara speak on Zanu-PF fights

by Mandla Ndlovu | 05 November 2018 | 588 Views

Minister Raj Modi Modi donates salary

by Mandla Ndlovu | 05 November 2018 | 473 Views

'I am a Trillionaire' Magaya says

by Mandla Ndlovu | 05 November 2018 | 797 Views

Supermarkets to be blacklisted over cooking oil

by Mandla Ndlovu | 05 November 2018 | 520 Views

UK army to recruit from Commonwealth

by BBC | 05 November 2018 | 524 Views

Magaya opens up on arrest

by Mandla Ndlovu | 05 November 2018 | 519 Views

Kambarami is still 'Deputy Mayor'

by Mandla Ndlovu | 05 November 2018 | 408 Views

'Import ban must not go beyond December 21'

by Staff reporter | 05 November 2018 | 491 Views

Prophet Magaya puts fresh spin to arrest

by Staff reporter | 05 November 2018 | 490 Views

Chamisa's sign language interpreters get thumps up

by Staff reporter | 05 November 2018 | 458 Views

Mnangagwa to review Mthuli Ncube's 2% tax again

by Staff reporter | 05 November 2018 | 455 Views

Lumumba to be probed by ZAAC?

by Staff reporter | 05 November 2018 | 334 Views

Dzamara speak on ZANU PF fights

by Mandla Ndlovu | 05 November 2018 | 297 Views

Zimbabwe as a new gateway into Africa

by Minister of Finance Prof Mthuli Ncube | 05 November 2018 | 470 Views

Chiwenga's ex-wife looted millions

by Mandla Ndlovu | 05 November 2018 | 784 Views

We are our own worst enemies

by Mapozho Saruchera | 05 November 2018 | 524 Views

Mnangagwa to deal with unexplained wealth and bank deposits

by Staff reporter | 05 November 2018 | 511 Views

WATCH: Chiwenga talks about Prophet Walter Magaya's lipstick

by Staff reporter | 05 November 2018 | 490 Views

Lumumba Saga takes new twist....War vets bay for Mutsvangwa's blood

by Mandla Ndlovu | 05 November 2018 | 579 Views

Chamisa demands Presidency

by Mandla Ndlovu | 05 November 2018 | 462 Views

Zimbabwean teachers miss out on New Zealand opportunity

by Staff Writer | 05 November 2018 | 398 Views

Zimbabwe to introduce e-provisional driver's exams

by Staff reporter | 05 November 2018 | 437 Views

Zimbabwe to supply water to South Africa

by Staff reporter | 05 November 2018 | 434 Views

Mnangagwa claims that 'good times will soon roll'

by Staff reporter | 05 November 2018 | 423 Views

Zimbabwe as a new gateway into Africa

by Hon. Prof Mthuli Ncube | 05 November 2018 | 470 Views

Chiyangwa appoint Karikoga Kaseke

by Staff reporter | 05 November 2018 | 418 Views

ZCTU demo: Ruling today

by Staff reporter | 05 November 2018 | 374 Views

Missing cop found dead

by Staff reporter | 05 November 2018 | 486 Views

Tagwirei marries long-time girlfriend

by Staff reporter | 05 November 2018 | 743 Views

Zimbabwe relaxes maternity leave entitlement

by Staff reporter | 05 November 2018 | 448 Views

Zimbabwe to receive drugs, ambulances from India

by Staff reporter | 05 November 2018 | 372 Views