Banking But Better & Safer – Transfer Money With Ease & Speed Using The Cash Out Service Maria Karima

Head - Corporate Affairs & Marketing Investrust Bank Plc

Dear Reader,

We trust that you and your wonderful family are keeping safe and following all the health guidelines shared by the Ministry of Health as we fight the second wave of the COVID -19. Please remember to be extra careful as you go about conducting different chores in order to protect yourself and your loved ones during this difficult time. At Investrust Bank Plc (IBP), we are not only committed to empowering you to be active players in the growth of our economy through the provision of quality yet affordable products and services, but we are also committed to ensuring that you conduct banking business in a safe manner – your health and wellness are important to us.

In the last three stories that we have shared since the beginning of the year, we focused on some of our products and services that enable you to conduct banking and other business safely and in the comfort of your own spaces. In today’s story, we focus on the Funds Transfer function on the*427# mobile menu which we keep enhancing to ensure that you are able to transfer funds to other people on various other platforms. We realise that this time calls for those that are able to support family members and friends with necessities that they need during this difficult time. We imagine that you may require to send money to loves ones from time to time – we have a perfect solution that will enable you to send money to family members easily and safely. This week, we tell our story of another way of effecting money transfers safely, the Investrust Bank Plc (IBP) Cash-Out service. What makes this service a winner and pride at IBP is that it enables us to offer a service to non-customers. This gives us joy because the services help to enhance our contribution to the national Financial Inclusion (FI) agenda

The ‘Banking’ That Was!

Whoever thought conducting banking business particularly the transfer of money would be so easy to an extent where one need not have a bank account to receive money or where having access to financial services would be possible without one being a bank account holder? Well, this has become the new way of conducting banking business, thanks to the ever-evolving technology advancements which continue to take us by surprise each time they occur. Cash was the primary means of payment a few years ago. If you were a salaried employee, you would go to a bank to get your salary when you did not have a bank account, or you would be given cash from your office. It was a little complicated even in instances where you had a bank account because chances were very high that you could only receive your salary from your host branch and nowhere else – banking was hard those days! Having ready access to one’s money was not straight forward. Most transactions would happen during working hours and only from banks. Stories of people having money stolen from them on paydays were rife. Thieves knew when to pounce on unsuspecting people who were getting paid.

‘Birth’ Of ATMS – A True Game Changer

It was a sigh of relief when ATMs came into being. However, using ATMs, then, was considered to be for the ‘chosen few’! It was for those in formal employment/ successful business people who had bank accounts. Yes, things were beginning to look better from a technical point of view, but there were still limitations with ATMs. The ATMs ‘were’ not as clever then. ‘They’ probably spoke one language! That of ‘bank accounts’.

As years unfolded, conducting banking business became necessary for everyone irrespective of whether or not one was a salaried employee or in business. It mattered not how much money one had or earned. Access to financial services meant empowerment to be active players in the growth of the economy. FI became a key driver in turning around the fortunes of our economy. As technology evolved, ATMs became more intelligent, ‘ they’ became ‘multilingual’, ‘they’ began to learn and know more languages. One need not have a card to make transactions at ATMs. What’s more? They do not even need to have a phone, especially when they are recipients of the money. Who thought we could get to this level of sophistication?

Moving With Time - Cardless Payments At IBP

At IBP, we firmly believe in the power of relevance in the market by embracing innovation and keeping abreast with technology trends. The world now is global; it is one ecosystem where individuals and organisations alike need to be in sync with it continuously. Digital is the way to go, and the trend is not slowing down at all. To this effect, we ensure that we remain trusted partners of all relevant stakeholders in the FI agenda.

Cash-Out Facility On *427#

On our InvestMobile platform/menu where we use the USSD code *427#, is the CASH OUT facility. With this service, an account holder at IBP is able to send money to people who have or do not have accounts with the Bank and who could be anywhere in Zambia as long as they have access to IBP ATMs. What’s more? Recipients of money even enjoy the freedom to perform cardless transactions at any of our agents dotted around Zambia as well as the 543 Konse Konse outlets.

How It Works

As an account holder of IBP signed up on InvestMobile, all you need to do to send money to family or friends with or without accounts at IBP is the following:

• Dial *427#

• Enter your 4 digit InvestMobile pin to log in • Select No. 5 which is ‘Cash Out’ • Select No.1 which is ‘ATM/Agent Cash

Out’ OR No.2 which is ’ 543 CashOut’ • Select amount

• Confirm transaction

You then receive a text message indicating a password which you then communicate to the recipient of the money detailing the amount of money you sent.

Remember that the password is valid for only 4 hours. Should the 4 hours elapse, all you need to do is generate a new command so that a new password is created. The recipient can either collect the money from an ATM/Agent or at any of the 543 outlets depending on which ‘ prompt’ you selected.

When All Is Said And Done – We Deliver Enhanced Service!

The interpretation of this is that with the Cash-Out facility/service, we create possibilities for those without bank accounts to be financially included in order for them to be active players in the growth of our economy. It also means that as IBP, we do not only serve our customers, we also serve non-customers and the general public at large irrespective of who and where they are as long as they have access to our ATMs, Agents as well as 543 outlets. This makes us proud. It also means that we provide convenience to all the people that we serve. At a time that we thought ATMs were beginning to be less relevant in the advent of services such as online transfers, the digital evolution began to change the narrative for ATMs steadily – the digital way to cash out was unveiled. Banking surely couldn’t be easier. We have no doubt that the path to innovation is getting exciting. One can only be ready to nurture technology advancements and continuously work at implementing innovative ways of making conducting banking and other business easier. At IBP, we are well poised to do that. We trust that you enjoyed the read and that you will join the IBP family by opening an account with us if you are not yet our customer. Together, we can change the narrative of the National FI agenda and accelerate the actualisation of the attainment of the set goals.

Until next time, stay blessed and be a blessing to others and remember to keep safe as we fight COVID -19. Wash your hands thoroughly with water and soap for at least 20 seconds or use alcohol-based hand sanitisers, observe at least 1m of social/physical distancing, cover your mouth and nose with a mask or indeed any cloth when you step out of your home to go to any public places and more importantly, stay at home!

Be and stay blessed and be a blessing to others.

For comments or questions email maria.karima@investrustbank.co.zm